Audit & assurance

Field-testing by the Center for Audit Quality (CAQ) of proposed changes to the auditor’s reporting model yielded four key observations related to the identification of “critical audit matters.” The CAQ expressed support for the PCAOB’s effort to update the auditor’s reporting model. The CAQ said in a news release Friday

The PCAOB will meet Tuesday to consider adopting rules that would create new audit procedures that an auditor should perform when examining a company’s transactions with related parties or significant unusual transactions. Board members have sought comment twice on related-party proposals and are considering a standard and amendments to PCAOB

A mandatory audit firm rotation requirement and other audit market reforms have formally became part of European Union law. Rules published Tuesday in the Official Journal of the European Union—the authoritative source of EU law—include: A requirement that public interest entities—which include listed companies, banks, and insurance companies—change auditors after

Changes to international auditing standards proposed last week by the International Auditing and Assurance Standards Board (IAASB) are designed to clarify expectations of auditors when auditing financial statement disclosures. One of the key areas addressed in the proposals is attention earlier in the audit process to disclosures, including those where

In a time of technological innovation, business complexity, and regulatory scrutiny, auditors face a multitude of challenges. Auditors are expanding services at the same time that regulators are considering ways to make the information in the auditor’s report even more relevant for investors. To serve the public in this time

New regulations that take effect June 1 will lead to significant changes for brokers and dealers, futures commission merchants, and their auditors, the AICPA and the Center for Audit Quality (CAQ) said Monday. Auditors should discuss the changes with their broker and dealer and futures commission merchant clients as soon

The set of potential audit quality indicators proposed by the Center for Audit Quality (CAQ) on Thursday is the result of a focused effort to find objective measurements for audit work. The CAQ paper is the culmination of a two-year effort with the CAQ’s member firms to develop perspectives regarding

The AICPA Auditing Standards Board (ASB) issued three auditing interpretations to help address some of the numerous accounting and auditing issues that are facing governmental cost-sharing multiple-employer pension plans and the government employers that participate in them. The interpretations are intended to help auditors of governmental cost-sharing plans and participating

While acknowledging that auditors are under unprecedented scrutiny, an international association of audit regulators is asking audit firms to analyze causes of problems in audits globally in hopes of finding remedies. Lewis Ferguson, chair of the International Forum of Independent Audit Regulators (IFIAR), said he believes audit quality has improved

Mandatory audit firm rotation cleared another hurdle in the European Union on Thursday when the European Parliament endorsed proposed new audit regulations. Under the draft agreement, public-interest entities—which include listed companies, banks, and insurance companies—will be allowed to keep the same auditor for up to 10 years. That period could

Reporting on information outside the audited financial statements could empower auditors and educate investors, but it could also reduce useful disclosures from management, experts told the PCAOB on Thursday. During the second of two days of public hearings on the PCAOB’s auditor’s reporting model proposal, panelists debated the merits of