Audit & assurance

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.”

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.

The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.

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.

Newly published insights can help audit firms avoid public disclosure of quality control criticisms issued by the PCAOB.

The director of the PCAOB inspections team recently issued a call to action for auditors at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.

The PCAOB issued a proposed new standard that is designed to strengthen and modernize the requirements for the auditor’s use of confirmation.

The PCAOB confirms that China is honoring an agreement signed in August that allows the board free rein to inspect public companies that trade on the U.S. capital markets.

The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.

Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.

The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.