The International Auditing and Assurance Standards Board (IAASB) on Friday released a new standard that addresses reports on the description, design and operating effectiveness of controls relating to outsourced services ranging from assisting with processing transactions to performing one or more business functions. International Standard on Assurance Engagements (ISAE) 3402,
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Audit & assurance
House Passes Financial Regulatory Reform Bill
House lawmakers voted Friday to approve The Wall Street Reform and Consumer Protection Act, a series of financial regulatory measures. The AICPA advocated for the profession on several provisions in the bill. The bill gives the PCAOB authority to inspect and regulate audits of all broker-dealers. It gives the PCAOB
Auditing
The PCAOB postponed the effective date for registered public accounting firms required to report under its new rules to Dec. 31, 2009, from the previous date of Oct. 12, in order to resolve technical issues related to deploying the board’s new Web-based system for processing and publishing filings on the
Risk-Based Audit Best Practices
The aim of the risk assessment auditing standards was to improve the quality and effectiveness of audits by substantially changing audit practice. Statements on Auditing Standards nos. 104–111 provide increased rigor to the audit process in a number of key areas including the assessments of inherent and control risks and
Auditing at the Speed of Change
Henry Keizer is the global head of audit for KPMG International and U.S. vice chair of audit for KPMG LLP. He also is a member of the AICPA board of directors. He spoke with JofA Publisher and Editor-in-Chief Joanne Fiore following the AICPA’s board of directors meeting in August and
Auditing
The PCAOB published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB standards may
FASAB Proposes Making AICPA’s Subsequent Events Guidance Authoritative
The Federal Accounting Standards Advisory Board released an exposure draft, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, into the authoritative FASAB
SEC Crafts Strategic Goals for 2010–2015
The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010–2015, which includes, among other goals, a continued commitment “to promote the establishment of high-quality accounting standards by independent standard setters” and support for “a single set of high-quality global accounting standards.” The draft Strategic Plan is a
PCAOB Revises Effective Date of Rules Requiring Reporting by Registered Firms
The PCAOB postponed the effective date for registered public accounting firms required to report under its new rules to Dec. 31, 2009, from the previous date of Oct. 12, in order to resolve technical issues related to deploying the board’s new Web-based system for processing and publishing filings on the
Highlights
The AICPA released a set of FAQs and a comment letter relating to a FASB discussion paper on a potential new approach to lease accounting. The March 19, 2009, discussion paper, Leases: Preliminary Views, was issued jointly with the International Accounting Standards Board and responds to concerns raised by
Auditing
The PCAOB on July 28 passed an auditing standard, Engagement Quality Review (EQR), requiring an independent reviewer to perform EQRs and superseding the existing concurring partner review requirement. If approved by the SEC, the standard will take effect for EQRs of audits and interim reviews for fiscal years that
CAQ Survey: Individual Investor Confidence Rises to 73%
Individual investors’ confidence in U.S. capital markets increased slightly from 2008, with 73% of investors indicating they have at least some confidence compared with 70% last year, according to a telephone survey of 1,000 investors conducted by the Center for Audit Quality and The Glover Park Group released Wednesday. This
PCAOB Publishes Q&A on References to Authoritative Accounting Guidance
The PCAOB on Wednesday published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB
Assessing the Allowance for Doubtful Accounts
Calculating estimates of the collectibility of accounts receivable and auditing those estimates is difficult. This article describes three techniques for assessing allowance for doubtful accounts estimates and complying with Statement on Auditing Standards (SAS) no. 57 and AU section 342, Auditing Accounting Estimates, which suggest auditors compare prior accounting estimates
Auditing
The PCAOB voted to adopt an amendment to a rule on the timing of certain inspections of registered non-U.S. public accounting firms. The amendment to PCAOB Rule 4003(g) gives the board the ability to postpone, for up to three years, the first inspection of any foreign registered public accounting
SEC Approves PCAOB Reporting Rules
The SEC has approved PCAOB rules requiring registered public accounting firms to report certain events. The rules take effect Oct. 12. They implement a provision of the Sarbanes-Oxley Act of 2002 and are the first reporting obligations imposed on registered firms by the board. Under the rules, certain events that
Auditing
The AICPA’s Auditing Standards Board issued Statement of Position (SOP) 09-1, Performing Agreed-Upon Procedures Engagements That Address the Completeness, Accuracy, or Consistency of XBRL-Tagged Data. This interpretative SOP, drafted with the assistance of the XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee, provides guidance regarding the
PCAOB Passes EQR Standard, Solicits Comments on Engagement Partner Signatures on Audit Reports
The PCAOB on Tuesday passed an auditing standard, Engagement Quality Review, requiring an independent reviewer to perform EQRs and superseding the existing concurring partner review requirement. If approved by the SEC, the standard will take effect for the EQR of audits and interim reviews for fiscal years that begin on
PCAOB to Vote on Engagement Quality Review Auditing Standard
The PCAOB on Tuesday will vote on adopting an auditing standard, Engagement Quality Review, which would require EQRs to be performed by an independent reviewer and would supersede the existing concurring partner review requirement. The new standard would require an EQR for audits and reviews of interim financial information (“interim
ASB Seeks Comments on Exposure Drafts
The AICPA Auditing Standards Board issued two exposure drafts resulting from its clarity project: Proposed Statement on Auditing Standards (SAS), Quality Control for an Audit of Financial Statements. The proposed SAS specifies quality control procedures at the engagement level that assist the auditor in achieving the objectives of the quality
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