Firms with A&A practices should be aware that the new quality management standards include changes to engagement quality reviews.
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Audit & assurance
A&A Focus recap: Improving the peer review experience
Also, an internal controls expert joined for a discussion on COSO and its relationship to SAS 145, and a current Auditing Standards Board member addressed questions the AICPA has been receiving on the QM implementation process.
PCAOB will require firms to share a new set of metrics
The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.
PCAOB amendment addresses registration of inactive firms
The adopted rule empowers the PCAOB to withdraw the registration of firms that don’t file annual reports and don’t pay annual dues for two consecutive years.
AICPA board approves update to peer review standards
The AICPA Peer Review Board approved changes that align with new quality management standards for firms’ accounting and auditing practices.
Resources to implement the QM standard
The AICPA offers a comprehensive practice aid to help firms implement the new quality management standard by the 2025 deadline.
The data-driven audit: Technology and the future of auditing
Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer Tax & Accounting North America, discusses how data-driven insights combined with analysis and guidance can make audits more thorough and help firms make better decisions.
Scaling SAS 145 for less-complex entities
Recognize opportunities to customize audit procedures at less-complex entities while meeting the requirements of the standard.
How auditors can demystify transformative technology
One tip from Institute of Internal Auditors CEO Anthony Pugliese on harnessing the power of emerging technology: You don’t have to know everything to start working with it.
Public sector talent shortage: Unique challenges require unique solutions
Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds.
A&A Focus recap: Private Company Council update
Also covered: COSO and its relationship to SAS 145, and ASB member addresses questions related to QM implementation.
AI promises more efficiency but won’t replace auditors
The 2024 BDO Audit Innovation Survey found that 54% of leaders expect their audit firm to use artificial intelligence and other advanced technologies to enhance the audit experience, but the human element is irreplaceable.
PCAOB inspectors offer advice in areas of risk
Public company audits can benefit from expert input, particularly in the rapidly changing world of cryptoassets. Also, the SEC, FASB, and FASAB issued regulatory updates.
A&A Focus recap: Leveraging control testing in an audit
Also, an update from the Auditing Standards Board chair, principal vs. agent analysis when recognizing revenue, and the new required income tax disclosures under FASB Accounting Standards Update No. 2023-09.
SEC approves PCAOB system of quality control
QC 1000 establishes a risk-based system that aligns with AICPA quality management standards, both of which take effect in late 2025.
A&A Focus recap: A deep dive into SAS 145
The August webcast also covered peer review updates, more on using technology in audits, and the AICPA Financial Reporting Framework for Small- and Medium-Sized Entities.
6 ways to improve the peer review experience
A survey of seasoned peer reviewers identifies ways reviewers and the firms being reviewed can change for the better.
Broker-dealer audit deficiencies on the rise, PCAOB finds
The board’s annual report identifies deficiencies in 70% of audit engagement reviews, offers advice aimed at reducing the number.
A&A Focus recap: The ethics of using AI in an audit
The July installment of the monthly newscast series also featured a look at the recently released ACFE Report to the Nations, and the first in a series of conversations about revenue recognition and digital assets.
Warning for EBP audit firms: Service agreements can create headaches
A letter from the Employee Benefit Plan Audit Quality Center addresses nondisclosure agreements and recommends actions that auditors can take to avoid running afoul of legal, regulatory, or professional standards.
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