The regulator scheduled a virtual roundtable and reopened the comment period in response to concerns about proposed amendments to the auditor’s responsibility for considering a company’s noncompliance with laws and regulations (NOCLAR).
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Audit & assurance
Sustainability reporting, assurance rates on the rise globally
While reporting levels remain high and overall assurance levels are increasing, the level of assurance in the United States conducted by CPA firms remains low.
A&A Focus recap: ASB update, technology spotlight, AR-C Section 70, and CECL
The February AICPA accounting, audit, and attest webcast brought together experts, including the chairs of the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARSC), to provide updates on recent news.
Explaining the role of ARSC and its decision tree
The chair of the AICPA Accounting and Review Services Committee details the committee’s focus areas, including the recently released interactive tool for practitioners. Listen to the podcast or read the Q&A.
7 reasons for deficiencies in audits of broker-dealer annual reports
A PCAOB spotlight report recommends actions that auditors and firms can take to produce compliant attestation engagements.
What AI can do for auditors
Firm leaders explain why they are using artificial intelligence to transform audits and how they are handling barriers to AI adoption.
A refresher on fraud and the responsibility for its detection
Reviewing the accountant’s responsibilities for fraud when
performing an assurance engagement.
A&A Focus recap: FASB updates, BOI, busy season tips
The first episode of the monthly newscast series also covered employee benefit plan audits, commercial real estate, and artificial intelligence.
Scope 3 reporting: Where things stand with standard-setters
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.
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.
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