Internal auditors have a strong desire to know more about emerging technologies and improve the way they use technology to perform their duties, a new survey shows. Mobile applications and social media are among the top areas of technical knowledge that internal auditors most need to improve, according to a
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Audit & assurance
Auditing
The European Union took another step toward a mandatory audit firm rotation requirement when the member states’ Permanent Representatives Committee approved new audit regulations. The new regulations and amendments approved include a requirement that public-interest entities rotate engagements with audit firms every 10 years—with provisions for longer periods when
PCAOB to hold round table on auditor’s reporting model
The PCAOB will seek feedback on its auditor’s reporting model proposal during a public meeting to be held April 2–3 in Washington. Panelists will be invited to share their views with the board on the proposal, which would include a requirement for auditors to identify and describe “critical audit matters”
New international framework takes broad look at audit quality
A new international framework for audit quality takes a broad look at how the stakeholders in the audit process can work to make audits better. The International Auditing and Assurance Standards Board (IAASB) released Tuesday a framework that is designed to encourage auditors, audit clients, audit firms, regulators, and others
The scoop on group audits: You may have them, even though you think you don’t
As Vince Lombardi said, “Individual commitment to a group effort—that is what makes a team work, a company work, a society work, a civilization work.” I would add to this that an individual firm’s commitment to group audit considerations makes audit planning work. Simply stated, group audits are audits of
ASB proposes amendments to clarified auditing standard on letters for underwriters
The AICPA Auditing Standards Board (ASB) proposed amendments Thursday to AU-C Section 920, Letters for Underwriters and Certain Other Requesting Parties. AU-C Section 920 was issued as part of the ASB’s clarity project and is a redrafting of AU Section 634 of the same title. When the clarified standard was
ASB issues clarified auditing standard on using the work of internal auditors
With the release of a new auditing standard addressing the external auditor’s responsibilities if using the work of internal auditors, the AICPA Auditing Standards Board has completed the clarity redrafting of its final AU section in AICPA Professional Standards. Developed using International Standard on Auditing 610 (Revised 2013), Using the
Lessons learned: Practical tips to help avoid common EBP audit and reporting errors
Employee benefit plan auditors can use this guidance to avoid relying on improper certifications or overrelying on certifications from trustees or custodians, which can result in inappropriately limiting the scope of the audit.
PCAOB extends comment period on engagement partner ID proposal
The PCAOB has extended the comment period on its reproposed standard that would require the engagement partner and certain other participants in the audit to be identified in the audit report. The new deadline is March 17; the original deadline was Feb. 3. The board reproposed the amendments in December.
ASB exposes additional clarified standards as part of attestation clarity project
Changes proposed Tuesday by the AICPA Auditing Standards Board (ASB) would restructure the content of several important attestation standards. The ASB has issued a second exposure draft as a result of the attestation clarity project. The exposure draft contains three proposed clarified subject-matter-specific standards. Proposed Statement on Standards for Attestation
European audit reform proposal moving forward
April is the forecasted date for a vote of the full European Parliament on European Union audit market reforms, which took another step in the legislative process this week. The EU Legal Affairs Committee voted 13–8, with one abstention, on Tuesday to approve a draft agreement between Parliament and the
Preparers oppose PCAOB’s plan for more auditor disclosures
The message from financial statement preparers to the PCAOB about the content of audit reports is clear. Preparers don’t want their responsibilities usurped by auditors. “While some investors may desire improvements in disclosures, the proper source of this information is management and not the auditor,” Fedex Corp. told the PCAOB
TPA addresses use of current auditing standards for audits of prior periods
The AICPA has issued nonauthoritative guidance addressing the use of current auditing standards for audits of prior periods. According to Technical Question and Answer (TPA) 8100.03, when an auditor is engaged to perform an audit of financial statements that are as of or for a period that ended prior to
A makeover for compilations
Three proposed standards were exposed for public comment by the AICPA Accounting and Review Services Committee (ARSC) on Oct. 23.
Six developments for CPAs to watch in 2014
If you enjoy change, 2014 should be a good year. The months ahead will see the accounting profession gearing up for new regulations and handling significant financial reporting developments, including preparing to implement changes in accounting for revenue. Here are a few of the likely financial reporting and regulatory developments
EU audit reforms “raise serious concerns” for the CAQ
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
Grant reform increases single-audit threshold, changes audit rules
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
EU member states approve mandatory audit firm rotation
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
Six key risk areas merit attention in 2013 audit cycle
Auditing of internal control over financial reporting, a topic that has received a lot of attention from the PCAOB this year, is among the key risk factors for the 2013 audit cycle, according to a new Center for Audit Quality (CAQ) alert. The alert describes six key areas of potential
Preliminary EU agreement includes audit firm rotation
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
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