Audit & assurance news and resources -- Journal of Accountancy

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April 10, 2015

Revised IAASB standard increases auditors’ involvement with “other information”

Revisions issued by the IAASB require auditors to increase their involvement with information that is included in entities’ annual reports but is outside audited financial statements.

March 31, 2015

PCAOB reorganizes standards to follow flow of an audit

The PCAOB voted to reorganize its standards to make them easier to navigate and follow the flow of an audit.

March 27, 2015

How coordination enables compliance with the group audits standard

Learn how proper coordination between the group auditor and component auditors enables compliance with the standards.

March 26, 2015

PCAOB considering a more logical organization of its standards

The PCAOB will meet Tuesday to consider adopting a reorganization of its standards that is intended to make them easier to navigate.

March 17, 2015

“Pervasive” pressure challenges internal audit’s objectivity

Fifty-five percent of North American chief audit executives have been asked at least once to omit or modify an important audit finding, according to new research.

March 16, 2015

Internal audit may need a makeover

As businesses transform in response to market shifts, internal audit functions may need to provide more value-added services and proactive advice to management in the coming years.

March 10, 2015

Internal auditors confident in risk assessment but face possible talent shortage

Internal auditors are confident in their ability to identify emerging risks in a timely manner, but they may be facing a talent shortage, according to a new report.

March 10, 2015

Forging cooperation between internal audit, external audit, audit committee

The varied roles of internal auditors, external auditors, and audit committees often intersect. A new report describes how they can work together for mutual benefit.

March 3, 2015

Root cause analysis can improve audits, regulators say

Root cause analysis of audit issues has the potential to bring about significant improvements in audit quality, audit regulators said while presenting results of a global survey of audit inspection findings.

March 1, 2015

New challenges in a delicate process

FASB’s new going-concern standard creates many challenges for CPAs to consider. The Center for Plain English Accounting examines the new look-forward period, disparities with audit guidance, and a new triggering threshold.

February 25, 2015

ASB issues attestation interpretation to agreed-upon procedures engagements standard

A new AICPA Auditing Standards Board attestation interpretation provides guidance for third-party due-diligence services performed as agreed-upon procedures engagements related to asset-backed securitizations.

February 4, 2015

PCAOB attempting to make standard setting more efficient

The PCAOB is exploring ways to make its standard-setting process more efficient, board Chairman James Doty said Wednesday during an open meeting of the SEC.

February 1, 2015

Auditing

Revenue recognition, internal control over financial reporting, and professional skepticism are among the seven key areas for 2014 audit consideration, according to an alert sent by the Center for Audit Quality (CAQ), which is affiliated with the AICPA.

February 1, 2015

Decision-making quiz

Learn about your decision-making process with this short quiz.

February 1, 2015

5 ways to overcome confirmation bias

Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.

February 1, 2015

Evolving practice monitoring to improve quality in A&A engagements

A new vision for practice monitoring in the future aims to prevent quality issues in accounting, auditing, and attestation engagements. A new technological platform is being developed to provide more timely feedback to peer reviewers and firms.

February 1, 2015

I’m not biased, am I?

Five common judgment biases can have a negative impact on accounting and auditing decisions. Learn how to spot these biases, and take a short quiz to see how they can affect your judgment.

February 1, 2015

All CPAs should be concerned about going concern

Approximately 30% of claims brought against CPAs in the AICPA Professional Liability Insurance Program are made by third parties. Moreover, nearly 60% of the program’s 2013 financial statement services claims related to the failure to detect a misstatement or a disclosure error, especially going-concern disclosures.

January 30, 2015

Audit committee members need more time, expertise to deal with risky environment, survey says

Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.

January 28, 2015

New standards for auditors of brokers and dealers are focus of PCAOB reminder

A PCAOB report reminds auditors of brokers and dealers that new audit standards for those engagements differ from previous standards.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.