The chair of the AICPA Auditing Standards Board explains more about implementation of new quality management standards, including timeline advice, in this podcast episode with transcript.
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TOPICS
Audit & assurance
PEEC proposals update compliance audit definitions and interpretations
The proposed ethics updates include new or revised definitions and interpretations related to independence during compliance audit engagements.
A needed push into remote auditing
The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.
New quality management standards approved by AICPA Auditing Standards Board
The new standards represent a significant change in how CPA firms will approach audit and assurance quality in the future.
TQAs provide guidance on auditor reporting of other information included in annual reports
The Technical Questions and Answers address auditor reporting when the entity issues its annual report subsequent to its financial statements.
Can a CPA firm loan staff to an attest client?
Understand the changes to the AICPA Code of Professional Conduct’s independence rules relating to loaning staff to an attest client.
Audit quality indicators show importance of tone at the top
A survey of audit quality indicators performed by the AICPA reveals the most important factors in helping CPA firms perform quality audits.
PCAOB updates requirements on auditing accounting estimates, using specialists
The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.
How the war in Ukraine affects auditors’ responsibilities
Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.
Audit transformation: Automation is one small step in the journey
Learn how data-driven audits can help identify and mitigate risks and why tech tools that automate rote tasks are just one part of the evolution of auditing in this podcast episode with transcript.
Proposal would supersede auditing standard for group audits
The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.
Not-for-profit audits in a remote world, plus IRS news
Learn how the abrupt shift to remote work affected not-for-profit audits and how they’re coping now, plus the latest news, in this podcast episode with transcript.
Proposal would amend auditing standard for compliance audits
The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.
Clarified peer review standards approved by Peer Review Board
The AICPA Peer Review Board approved guidance that is designed to make peer review guidance for CPA firms and peer reviewers easier to read, understand and apply.
Embracing technology in the audit
Firms and practitioners are using digital tools to provide more value to clients.
PCAOB seeks input on plans for new advisory groups
The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.
Audit quality stable amid pandemic, audit committee members say
Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.
Profession intensifies diversity efforts with new CAQ initiative
The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.
A refreshed focus on risk assessment
Audit firms may have to change some processes in response to a new standard and pandemic-fueled changes to the environment.
ESG assurance opportunities likely to grow for CPA firms
Companies may need more rigorous assurance on environmental, social, and governance data as regulatory obligations emerge. CPA firms are poised to deliver.
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