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.
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Audit & assurance
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.
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.
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.
Decision-making quiz
Learn about your decision-making process with this short quiz.
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.
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.
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.
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.
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.
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.
ASB issues auditing interpretations to SAS No. 126 on going concern
New auditing interpretations issued by the AICPA Auditing Standards Board are the result of a short-term initiative to address some of the effects of accounting standards on going concern.
New IAASB standard changes auditor’s reporting model
A new standard released by the International Auditing and Assurance Standards Board changes rules about how auditors will communicate about their work in their reports.
PCAOB to seek comments on going concern
The project is responding to new FASB requirements for management’s evaluation of going concern.
Key auditor considerations for GASB pension standards’ rollout
Timely communication between pension plans, government employers, and their auditors is essential in implementing the new standards.
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.
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