Audit & assurance news and resources -- Journal of Accountancy

TOPICS

December 1, 2023

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.

December 1, 2023

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.

November 8, 2023

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.

November 1, 2023

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.

November 1, 2023

QM is approaching faster than you think — get ready

Tips to catch up on implementing new quality management standards that firms offering audit and accounting services need to put into practice.

November 1, 2023

Technology in audit: More than a numbers game

Costs and change fatigue are legitimate concerns, but can firms afford not to upgrade?

October 16, 2023

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.

October 1, 2023

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.

September 29, 2023

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.

September 28, 2023

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.

September 14, 2023

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.

September 1, 2023

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.

September 1, 2023

How 3 firms tackle the audit talent crunch

Nontraditional career paths, international expansions, and automation are among the approaches three firms are using successfully.

August 31, 2023

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.

August 31, 2023

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.

August 1, 2023

How authentication issues can affect financial data and financial statement audits

Organizations must look beyond traditional controls to safeguard data.

August 1, 2023

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.

July 27, 2023

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.

July 25, 2023

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.

July 18, 2023