Nontraditional career paths, international expansions, and automation are among the approaches three firms are using successfully.
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Audit & assurance
An updated practice aid and how it can assist in audits of digital assets
Updates to a digital assets practice aid provide valuable information for accounting for and auditing of digital assets. A CPA explains more in this podcast episode with transcript.
Quality management 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.
How authentication issues can affect financial data and financial statement audits
Organizations must look beyond traditional controls to safeguard data.
Peer review findings in audits of not-for-profits: What auditors need to know
Experts suggest ways to prevent common problems such as inadequate planning and risk assessment and insufficient documentation.
AICPA debuts new practice aid for tech-enabled auditing
The AICPA Auditing Standards Board’s Technology Working Group has developed a new practice aid that will emphasize how technology should be seen as a key enabler, elevating audit effectiveness and efficiency for the future. It uses risk assessment procedures under SAS No. 145 as the example.
PCAOB report: Audit deficiencies rise again in 2022
The number of audits found to have deficiencies during PCAOB inspections showed another year-over-year increase in 2022, according to a board staff report released Tuesday.
Quality management standards: How to identify risks and design responses
An expert suggests ways to get started implementing the new and very different risk-based standards.
PCAOB details priorities for audit inspections
The PCAOB has released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks.
PCAOB amends auditor requirements for reporting noncompliance
The PCAOB issued an amendment designed to “strengthen auditor vigilance against fraud and other forms of noncompliance,” according to a news release.
Public companies reining in costs, according to audit partners
A lower percentage of companies are seeking new employees and increasing the benefits for their current workers, according to a survey of audit partners.
Why private companies need a plan for ESG reporting, assurance
Even if regulations don’t legally apply to private companies, they often apply from a practical standpoint. A new resource offers guidance on the importance of assuring sustainability data for public and private companies alike.
PCAOB prioritizes two standard-setting projects
The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.
PCAOB enhances transparency of inspection reports
The PCAOB has enhanced its inspection reports with a new section on auditor independence and other improvements that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.”
New PCAOB report reviews SPAC-related audits
The report analyzes more than 100 audits of special-purpose acquisition companies and recommends several takeaways for auditors.
PCAOB reveals priorities for 2023 inspections
The board will continue to pay particular attention to financial services and broker-dealer audits while reminding all auditors to be vigilant when it comes to fraud-related risks.
Nothing left to chance: The life of a lottery auditor
Auditors are accustomed to working with numbers and moving targets, but a select few work with numbers on bouncing balls.
How remote work affected early-career auditors
A new study delves into both the negative impacts and upsides of remote working on the learning and professional development of early-career auditors.
Proposal aims to ‘modernize’ public-company audit standards
The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.
New standard provides risk-based approach to group audits
The AICPA Auditing Standards Board issues SAS No. 149 and SQMS No. 3. SAS No. 149 introduces the term “referred-to auditor” and revises the definition of component auditor.
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