Tips to catch up on implementing new quality management standards that firms offering audit and accounting services need to put into practice.
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Audit & assurance
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.
How 3 firms tackle the audit talent crunch
Nontraditional career paths, international expansions, and automation are among the approaches three firms are using successfully.
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.
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