Timely communication between pension plans, government employers, and their auditors is essential in implementing the new standards.
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Audit & assurance
Evolving practice monitoring to improve quality in A&A engagements
In a new concept of practice monitoring the AICPA envisions for the future, peer reviewers and firms will use a new technology platform to enable more thorough analysis and provide more timely feedback for accounting, auditing and attestation engagements.
SEC official: PCAOB’s standard setting too slow
The PCAOB’s pace of developing auditing standards is too slow, SEC Chief Accountant James Schnurr said. He plans reviews of the process in hopes of speeding it up.
7 risk areas for the 2014 audit cycle
Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.
What to consider when hiring an employee benefit plan auditor
Employee benefit plan administrators have a lot to consider when hiring a financial statement auditor. Here’s what to look for when seeking a firm for this important service.
What do public companies disclose about auditor relationships?
Proxy reports filed by U.S. public companies often discuss how nonaudit services may affect independence, according to a new report. But other elements of relationships with auditors are disclosed less often.
A bright line in SSARSs
New standards for accounting and review services include significant changes for accountants in public practice who prepare financial statements for clients. Find out more about the changes contained in newly issued Statement on Standards for Accounting and Review Services (SSARS) No. 21.
Auditing / Financial reporting
New Technical Questions and Answers (TPAs) have been issued and are available on the AICPA website to provide nonauthoritative guidance.
Auditing
The PCAOB may consider a different mechanism for disclosing the name of the engagement partner after a proposal last year raised significant objections from the accounting profession.
PCAOB may soon require naming of engagement partner
PCAOB Chairman James Doty hopes the board will complete a standard early next year that will require the naming of the engagement partner and other firms participating in U.S. public company audits.
Alert focuses on independence rules for auditors of certain nonissuers
The Center for Audit Quality (CAQ) and the AICPA on Wednesday issued a joint alert to provide audit firms with an overview of SEC and PCAOB independence rules that apply to financial statement audit and attestation engagements for certain nonissuers. The alert is intended for auditors of: SEC-registered, nonissuer broker-dealers;
Internal auditors’ job satisfaction higher with incentive pay, survey finds
Internal auditors who receive incentives based on profits or revenue report higher job satisfaction and loyalty to their organizations without having their objectivity compromised, according to a new survey report. Among the 1,600 internal auditors who responded to the survey conducted in North America, about 50% of chief audit executives,
Ingredients of an effective audit committee
The audit committee is a fundamental part of the corporate governance structure. But with changing demands being placed on it, what steps can companies take to ensure that the committee effectively safeguards stakeholders? A popular panel at the 2014 World Congress of Accountants in Rome explored the issue. Here are
How SSARS No. 21 became a standard
It took years of deliberation and professionwide collaboration to produce Statement on Standards for Accounting and Review Services (SSARS) No. 21. Here’s how the AICPA Accounting and Review Services Committee (ARSC) developed the standard, which was issued Oct. 23: Initial exposure draft On June 29, 2012, ARSC initially exposed for
Standards revised for reviews, compilations, engagements to prepare financial statements
Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services. The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for
When does Section 70 of SSARS No. 21 apply?
Section 70, Preparation of Financial Statements, of Statement on Standards for Accounting and Review Services No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, applies when an accountant in public practice is engaged to prepare financial statements. The following table provides examples of services that the
Council vote conforms resolution in AICPA code with revised UAA attest definition
Representatives at the AICPA fall Council meeting Sunday voted to approve changes to the “Council Resolution Concerning the Form of Organization and Name Rule” of the AICPA Code of Professional Conduct that will conform the code to the recently revised definition of attest in the Uniform Accountancy Act (UAA). The
How to prepare for auditing in a digital world of Big Data
Rapid changes in technology are a reality of the current business environment. In addition to affecting how business is done, these changes present new challenges to auditors. The internet, cloud computing, and the pervasive use of mobile devices enable auditors to practice in a globally connected environment. Technology can be
Regulation, inflation drove audit fees higher in 2013
Regulatory oversight and inflation have played significant roles in the rise in fees U.S. companies paid in 2013 to external auditors, according to new research by Financial Executives International. The 87 public companies participating in the survey reported an average rise in audit fees of 4.5% over the previous year,
PCAOB may consider different mechanism for naming engagement partner
The PCAOB may consider a different mechanism for disclosing the name of the engagement partner after a proposal last year raised significant objections from the accounting profession. Some investors have told the PCAOB that placing the name of the principal partner for engagements in public company audit reports would allow
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