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
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Audit & assurance
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
Auditors still responsible for going-concern evaluation under PCAOB rules
Recent changes to U.S. GAAP do not change public company auditors’ responsibilities for following existing PCAOB standards when considering a company’s ability to continue as a going concern, the PCAOB said Monday. In a staff audit practice alert, the PCAOB said current auditing requirements remain in force in light of
ASB proposes moving content of AT Section 501 into GAAS
The AICPA Auditing Standards Board (ASB) is proposing moving a section of its attestation standards into generally accepted auditing standards (GAAS). Engagements performed under existing AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, as well
PCAOB alert calls for auditors to focus on revenue
The PCAOB on Tuesday urged auditors to focus on the board’s standards for auditing revenue. In Staff Audit Practice Alert No. 12, Matters Related to Auditing Revenue in an Audit of Financial Statements, the PCAOB discusses board requirements for auditing revenue that are relevant to significant audit deficiencies found frequently
Audit regulators see positive signs
In an exclusive interview with the JofA, PCAOB members Jay Hanson and Lewis Ferguson bring different perspectives as they talk about ways to improve auditing.
Socially awkward
Total user accounts or total number of posts are used to tout some companies’ success, but those statistics don’t necessarily indicate profitability.
Learn from data to improve audits
Data collected by the AICPA Peer Review team can drive better audits by helping audit firms focus remedies on areas that frequently have been associated with accounting and auditing deficiencies.
A holistic approach to audit quality
The AICPA’s new Enhancing Audit Quality initiative is using a holistic approach to align objectives of audit-related efforts and improve auditing of private entities. A discussion paper seeks comments by Nov. 7 in an exploration of the best ways to address quality issues related to financial statement audits of non-SEC registrants, including not-for-profits, employee benefit plans, and governmental entities.
COSO transition getting a close look from auditors
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been
Five elements of effective judgment process for auditors
The public relies on auditors to make critical professional judgments in an objective, professionally skeptical manner. Participants in capital markets who are making investment decisions place trust and confidence in the judgments made by auditors during audits of public company financial statements. A new Professional Judgment Resource released Wednesday by
Clarified, revised SSARS approved for reviews, compilations, and engagements to prepare financial statements
The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements. The clarified and revised standards for compilations and engagements to prepare financial statements create a bright line between accounting (preparation) services
PCAOB requests comments on auditing accounting estimates and fair value measurements
The PCAOB is seeking input as it weighs possible standard-setting activities related to auditing accounting estimates and fair value measurements. In a staff consultation paper released Tuesday, the PCAOB Office of the Chief Auditor seeks comments on the potential need for changes to PCAOB standards—and a possible approach to a
PCAOB calls for improvement in audits of brokers and dealers
The PCAOB issued a report Monday calling on audit firms to improve the quality of their audits of brokers and dealers to comply with rules and standards. As a result of findings from the PCAOB’s interim inspection program, the board urged firms that audit brokers and dealers to reexamine their
Qualitative considerations for allocating materiality to components in a group audit
Editor’s note: This is the second article in a series of articles about application of the group audits standard. For the first article in the series, see “The Scoop on Group Audits: You May Have Them, Even Though You Think You Don’t.” There is a lot to consider when evaluating
AICPA seeks feedback on private-entity audit quality initiative
In one of the first steps of the new Enhancing Audit Quality (EAQ) initiative, a major effort to improve auditing of private entities, the AICPA has released a discussion paper seeking stakeholder perspectives. Through the two-phased initiative, the AICPA is coordinating resources to improve performance in audits of private entities,
AICPA advises CPA firms to review state registration and compliance
CPA firms are being urged by the AICPA State Regulation and Legislation team to review their registration compliance procedures to ensure that they are complying with out-of-state registration requirements when performing attest engagements. The AICPA advisory was issued after recent activity by some state boards of accountancy to ensure that
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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