Audit & assurance news and resources -- Journal of Accountancy

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January 4, 2023

Audit tips from PCAOB inspections leader

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.

December 20, 2022

PCAOB proposes new auditing standard

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

December 20, 2022

5 ways firms can use technology to transform audits

Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, Audit Evidence, which took effect on Dec. 15, 2022.

December 16, 2022

One size does not fit all clients: SAS No. 145 on scalability

Understand the opportunities to maximize efficiency in your audits of less-complex entities. SAS No. 145 will tell you that risk assessment is not a one-size-fits-all proposition and provides opportunities to scale work throughout the process.

December 15, 2022

PCAOB gains ‘complete access’ to audit firms in China

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.

December 9, 2022

PCAOB report analyzes impact of estimates and specialists requirements

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.

December 8, 2022

PCAOB report: Audit deficiencies increase in 2021

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.

December 7, 2022

PCAOB report analyzes reporting of critical audit matters

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

November 30, 2022

Audit committee disclosures increase, right along with workload

A Center for Audit Quality report reveals an increase in public company audit committee disclosures, particularly related to cybersecurity, while an accompanying report aims to help audit committees manage their growing list of responsibilities.

November 21, 2022

PCAOB proposes new quality control standards

Public comments sought on quality control standards that incorporate standards established by the AICPA and the IAASB.

November 3, 2022

National taxpayer advocate has concerns about $400,000 audit promise

National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.

October 21, 2022

Resources for organizations requiring an audit related to COVID-19 relief

AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.

October 13, 2022

Inherent risk and SAS No. 145: New concepts and requirements

New inherent risk factors introduced by SAS No. 145 aim to assist in risk identification. Understand how the changes will affect your 2023 audits.

October 1, 2022

How firms are seizing the ESG opportunity

Sustainability teams are breaking new ground in accounting firms — but staffing and training remain a challenge.

September 26, 2022

PCAOB seeks comments on interim attestation standards

The PCAOB issued a staff request for information and comment on the application and use of the board’s interim attestation standards.

September 15, 2022

A quick tour of student loan forgiveness, a quiz, and a letter to the IRS

This express podcast episode with transcript hits the highlights of recent Journal of Accountancy news coverage of student loan debt forgiveness, an AICPA letter urging penalty relief from the IRS, and more.

September 12, 2022

Significant risk revised: Concept changes under SAS No. 145

SAS No. 145 revises the definition of significant risk. The revisions alter how you conduct elements of your risk assessments. Get the updated information you need and be ready for your 2023 audits.

September 7, 2022

SEC to auditors: Use care with Chinese engagements

Public audit firms must make sure issuers in China and Hong Kong will grant new lead auditors appropriate access to previous engagements, an SEC official warns.

September 1, 2022

The ‘mixed bag’ of economic sentiment; recent IRS news; a PCAOB update

Economic optimism is dimming, bringing revenue and profit projections down as well, but more than half of U.S. finance decision-makers say they can use more workers. Learn more about quarterly sentiment, along with a look at IRS news and more, in this podcast episode with transcript.

September 1, 2022

Using Benford’s Law to reveal journal entry irregularities

Benford’s Law can help uncover indicators of fraud — and anomalies that arise from legitimate business practices.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.