Audit & assurance

Audit market changes that were preliminarily agreed upon by European Union policymakers this week “raise serious concerns for audit quality,” Center for Audit Quality (CAQ) Executive Director Cindy Fornelli said in a statement. Mandatory audit firm rotation and prohibition of most nonaudit services by audit firms to their audit clients

New guidelines unveiled Thursday by the Office of Management and Budget (OMB) raise a key threshold for compliance audits of entities that receive federal award money from $500,000 per fiscal year to $750,000 per fiscal year. Among other things, the new rules raise the federal awards threshold that triggers compliance

The European Union took another step toward a mandatory audit firm rotation requirement Wednesday when member states approved new audit regulations. The new regulations and amendments approved include a requirement that audit firms rotate engagements with public-interest entities every 10 years—with provisions for longer periods when engagements are put out

European Union leaders have reached preliminary agreement on audit reforms that would include a requirement for audit firms of public-interest entities to rotate after an engagement of 10 years—with provisions that could extend that period if the engagement is put out for bid or joint audits are performed. The Lithuanian

The Center for Audit Quality (CAQ) is urging the PCAOB to streamline a proposed process for auditors to provide investors more information on the audit. The PCAOB in August proposed sweeping changes to the auditor’s reporting model and requested comments that are due today. The proposal would require auditors to

Regulators are asking whether the increasing provision of nonaudit and consulting services by audit firms poses risks to audit quality, and the PCAOB plans a formal examination of the issue in 2014. The PCAOB plans to hold round-table discussions on the issue next year with audit firm leaders and other

At first, the names of audit engagement partners disclosed in public company audit reports might not mean much to investors, PCAOB Associate Chief Auditor Jessica Watts said Wednesday as she described a new board proposal. Initially, little public information about engagement partners would be available, Watts said, under a PCAOB

A vigorous debate is expected as the PCAOB prepares to repropose a rule that would require engagement partners’ names to be disclosed in public company auditor’s reports. The PCAOB has announced that it will consider making a reproposal on Wednesday. The board will welcome public comment on the issue, and

The PCAOB will consider reproposing amendments to auditing standards that would require disclosure in the auditor’s report of the name of the engagement partner and certain other participants in the audit. This topic will be considered during a meeting at 9:30 a.m. EST on Dec. 4, and has been a

The PCAOB on Monday posted to its website the criteria its inspectors consider when evaluating an audit firm’s efforts to address inspection report findings. If remediation efforts fail to satisfy the board within 12 months, the report that contains the criticism may be made public. While assessing firms’ remediation efforts,