While the SEC weighs greenhouse gas emissions reporting standards, key players home and abroad weighed in on expectations for disclosures during a recent AICPA webcast.
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Audit & assurance
Auditor options when finding ineligible ERC claims
With the IRS challenging the validity of many employee retention credit (ERC) claims, what should practitioners do if they come across questionable ERC claims during audit engagements? Experts Robert Durak and Michael Westervelt provide answers.
Gen AI, business model transformation, and more with AICPA & CIMA CEO
The CEO of AICPA & CIMA explains how the move by private-equity investors into accounting is just one step in firm transformation and why a world “devoid of trust” needs accountants.
Using technology to boost audit quality
With tools such as artificial intelligence, auditors can implement new processes that enhance effectiveness and efficiency.
PCAOB shares inspection priorities for 2024
A staff report reveals what is top of mind for PCAOB inspectors and what auditors in the board’s purview should prioritize in the coming year.
DOL report points out deficiencies in employee benefit plan audits
The report examined filings from 2020, finding that 70% of audits either fully complied with auditing standards or had minor deficiencies.
AICPA comments on proposed standard for sustainability assurance
The comment letter, in response to the exposure draft of ISSA 5000, shows support for the global standard while suggesting revisions to ensure it can be “consistently interpreted and applied.” The AICPA’s Auditing Standards Board is considering related changes to its attestation standards.
AICPA seeks comments on criteria for stablecoins
The AICPA’s Assurance Services Executive Committee issued an exposure draft to provide a framework to present information about stablecoins and the assets that back them in order to provide transparency for holders of these digital assets.
Auditor independence threats and malpractice claims
When questions of independence arise in malpractice claims related to audit services, plaintiff ’s counsel often second-guesses the firm’s independence, painting a picture that the auditor’s professional skepticism was tainted.
QM standards: How to perform a root cause analysis
An expert discusses the requirements to perform a root cause analysis as part of monitoring and remediation when implementing the new risk-based quality management standards.
Generative AI revolution: How auditors are leading the way
Half of finance executives report they’ve already implemented GenAI into financial reporting; the majority view auditors as crucial to the cause.
Considering IT risk during audit risk assessment procedures
SAS No. 145 assists auditors in identifying and addressing risks that the use of information technology can introduce.
QM is approaching faster than you think — get ready
Tips to catch up on implementing new quality management standards that firms offering audit and accounting services need to put into practice.
Technology in audit: More than a numbers game
Costs and change fatigue are legitimate concerns, but can firms afford not to upgrade?
SEC addresses securities transparency; PCAOB addresses audit concerns
The SEC adopts several rules and amendments expanding and expediting the sharing of information; the PCAOB shares advice with auditors related to issues with engagement quality reviews.
How to implement the risk-based quality management standards
An expert suggests ways to get started on identifying risks and designing responses under the new and very different standards.
AICPA releases quality management practice aid
The practice aid and supporting materials will help small- and medium-size firms and sole practitioners develop a QM system that aligns with a new set of QM standards.
QM standards: Overview of the monitoring and remediation process
An expert discusses the requirements for monitoring and remediation when implementing the new quality management standards.
A refresher on fraud and the responsibility for its detection
The opportunities, incentives, and rationalizations to commit fraud abound. Recall what the practitioner’s responsibilities are in an assurance engagement and be sure you are playing your part to ensure the work you do continues to help protect businesses and stakeholders.
AICPA seeks comments on proposed changes to QM standards
The exposure draft of the Statement on Standards for Attestation Engagements aims to align quality management standards with standards for audits, reviews, and compilations.
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