The PCAOB published a Staff Audit Practice Alert to increase auditors’ awareness of risks when performing audits of companies with operations in emerging markets. Specifically, the alert cited a number of reports originating from audits of companies based in the People’s Republic of China. Staff Audit Practice Alert no.
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Audit & assurance
European Commission Proposes Regulatory Changes for Audits
The European Commission today proposed sweeping regulations that would, if approved, trigger major changes in the relationships between European public companies and their auditors. The changes include: Limiting to six years the period that an outside auditing firm can perform audits for a company. A cooling-off period of four years
Q&A Issued on Small Business Lending Fund Auditor Certification
As a result of the Small Business Lending Fund enacted into law as part of the Small Business Jobs Act of 2010, the AICPA Audit and Attest Standards staff has issued Technical Practice Aid (TPA) 9110.18, “Small Business Lending Fund Auditor Certification Guidance.” The aid provides guidance on how an
Auditing
AICPA staff issued TPA 9160.27, “Providing Opinion on a Schedule of Expenditures of Federal Awards [SEFA] in Relation to an Entity’s Financial Statements as a Whole When the Schedule of Expenditures of Federal Awards Is on a Different Basis of Accounting Than the Financial Statements.” Provided certain conditions are
ASB Reaches Major Clarity Project Milestone
The AICPA’s Auditing Standards Board has achieved a major milestone in its Clarity Project with the issuance of Statement on Auditing Standards (SAS) nos. 122–124. The publication includes a total of 40 finalized clarified SASs in the following statements: SAS no. 122, Statements on Auditing Standards: Clarification and Recodification SAS
Confidence in U.S. Capital Markets Down Significantly Since 2007
Investors’ confidence in U.S. capital markets continued a five-year trend of declines in 2011, according to the AICPA-affiliated Center for Audit Quality’s (CAQ) fifth annual Main Street Investor Survey, and confidence in investing in U.S. public companies declined for the first time since the survey started asking the question in
PCAOB: Be On the Lookout for Fraud in Emerging Markets
The PCAOB on Monday published a Staff Audit Practice Alert to increase auditors’ awareness of risks when performing audits of companies with operations in emerging markets. Specifically, the alert cited a number of reports originating from audits of companies based in the People’s Republic of China. Staff Audit Practice Alert
PCAOB, Norway Reach Accord on Auditor Inspections
The PCAOB on Wednesday said it entered into a cooperative agreement with the Financial Supervisory Authority (FSA) of Norway for the oversight of audit work performed by public accounting firms that practice in the two regulators’ respective jurisdictions. The PCAOB had been blocked from inspections in Norway since 2008, the
Auditing
The PCAOB adopted a temporary rule to establish an interim inspection program for registered public accounting firms’ audits of securities brokers and dealers as permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The board adopted without material change a proposed temporary rule (tinyurl.com/6x47nh5) issued Dec. 14, 2010.
PCAOB Round Table to Address Auditor’s Reporting Model
The PCAOB said it will host a public round table on Thursday, Sept. 15, to discuss its concept release on possible changes to the auditor’s reporting model. The board issued a discussion paper for the meeting. The board said in a press release that the purpose of the meeting is
Last Chance to Offer ASB Input on Strategic Plan
The AICPA’s Auditing Standards Board is developing its strategic plan for the next three to four years. The board has launched a survey that will remain open until today to collect views from constituents regarding what the ASB’s objectives and activities should be during that period. The survey is an
PCAOB Opens Discussion on Audit Firm Rotation
The PCAOB on Tuesday launched a new phase of its examination of potential limits on audit firm tenure with public companies. The board voted to issue a concept release on the topic. It plans to gather feedback by mid-December and hold a public forum on the issue in March 2012.
ASB Issues Interpretation to SAS 119, Three Clarified SASs
The AICPA’s Auditing Standards Board (ASB) issued Interpretation no. 1, “Dating the Auditor’s Report on Supplementary Information,” to SAS no. 119, Supplementary Information in Relation to the Financial Statements as a Whole. The ASB also issued three clarified Statements on Auditing Standards (SASs). The interpretation to SAS no. 119 addresses
AICPA Issues Technical Practice Aid on Providing Opinion on SEFAs
AICPA staff issued TPA 9160.27, “Providing Opinion on a Schedule of Expenditures of Federal Awards [SEFA] in Relation to an Entity’s Financial Statements as a Whole When the Schedule of Expenditures of Federal Awards Is on a Different Basis of Accounting Than the Financial Statements.” Provided certain conditions are met,
News Highlights for August 2011
The Center for Audit Quality is partnering with Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors to develop fraud-fighting training and tools, including a series of fraud hypotheticals to be used as teaching tools. “We will provide a set of facts and circumstances
Auditing
The PCAOB issued a concept release on possible changes to the auditor’s reporting model including the addition of an auditor’s discussion and analysis (AD&A), mandatory emphasis paragraphs, assurance on non-GAAP information and clarification of standard language. A fact sheet summarizing each of the possible changes is available at tinyurl.com/679h8ku.
PCAOB Proposes Standards for Broker-Dealer Audits and Auditing Supplemental Information
The PCAOB issued proposed standards for audits of broker-dealer and issuer engagements for public comment Tuesday. The proposals consist of two attestation standards related to the auditor’s examination of compliance reports and review of exemption reports of broker-dealers proposed by the SEC as part of its amendments to the broker-dealer
IAASB Chair: 70-Plus Countries Now Endorse Clarity ISAs
In the past year, the number of countries using or committed to using the Clarity International Standards on Auditing (ISAs) has grown from about 30 to more than 70, according to Arnold Schilder, chairman of the International Auditing and Assurance Standards Board (IAASB). Speaking at the CReCER 2011 financial reporting
PCAOB, SEC to Meet With Chinese Officials on Auditing Oversight
The PCAOB said Wednesday that a joint PCAOB-SEC delegation will meet next week in Beijing with representatives of China’s Ministry of Finance and the China Securities Regulatory Commission (CSRC) to discuss issues relating to auditing oversight. “This meeting is the commencement of our accelerated efforts with the People’s Republic
ASB Seeking Feedback on U.S. Auditor Reporting
The AICPA Auditing Standards Board (ASB) is requesting input from members and other stakeholders to help form its comments on the consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change (Consultation Paper), issued by the International Auditing and Assurance Standards Board. The IAASB paper is aimed at
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