Revenue recognition: 4 top concerns noted by peer reviewers
Practitioners can successfully navigate the new standard with special attention to these topics.
Peer review
Peer review: Advancing clarity and remote procedures
An AICPA manager explains the details of a recently issued exposure draft by the AICPA Peer Review Board and how someone can become a peer reviewer.
AICPA urges firms to schedule peer reviews as off-site deadline is extended
The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.
Your peer review has been extended — now what?
CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
6-month delay granted for peer reviews
The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.
Changes related to peer review proposed for UAA
A state-by-state effort could follow.
Changes related to peer review proposed for UAA
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.
Audit documentation: Tips for getting it right
Steer clear of three common misconceptions about documentation that can derail an otherwise high-quality audit.
AICPA proposes modifying peer review reports
The board seeks a clear indication of whether a single audit was selected.
AICPA proposes modifying peer review reports, firm representation letters
Peer review reports would be modified to clearly indicate if a single audit was selected under a proposal issued by the AICPA Peer Review Board.
Changes proposed to peer review standards
Proposed changes to the AICPA’s standards for performing and reporting on peer reviews are designed to help audit firms increase focus on their quality-control systems.
A step up in standards for peer reviewers
Continued efforts to improve quality in auditing and accounting have led to new requirements for CPAs who serve as peer reviewers.
Changes proposed to peer review standards
Changes proposed by the AICPA Peer Review Board are designed to help audit firms increase their focus on the proper design and operating effectiveness of their quality-control systems.
A 6-point plan to improve audit quality
A new six-point plan released by the AICPA provides a road map for enhanced performance on audits of private companies, employee benefit plans, and governmental entities.
Report calls for improvement in employee benefit plan audits
The U.S. Department of Labor has issued results of a study of employee benefit plan audits that show a continuing need for improvement. A new AICPA audit quality initiative for the profession has a focus on employee benefit plan audits.
AICPA releases 6-point plan to enhance audit quality
The AICPA released a six-point plan with recommendations for improving audit quality, which covers several stages in the process of being or becoming an auditor.
Evolving practice monitoring to improve quality in A&A engagements
A new vision for practice monitoring in the future aims to prevent quality issues in accounting, auditing, and attestation engagements. A new technological platform is being developed to provide more timely feedback to peer reviewers and firms.
Evolving practice monitoring to improve quality in A&A engagements
In a new concept of practice monitoring the AICPA envisions for the future, peer reviewers and firms will use a new technology platform to enable more thorough analysis and provide more timely feedback for accounting, auditing and attestation engagements.
Learn from data to improve audits
Data collected by the AICPA Peer Review team can drive better audits by helping audit firms focus remedies on areas that frequently have been associated with accounting and auditing deficiencies.
AICPA seeks feedback on private-entity audit quality initiative
In one of the first steps of the new Enhancing Audit Quality (EAQ) initiative, a major effort to improve auditing of private entities, the AICPA has released a discussion paper seeking stakeholder perspectives. Through the two-phased initiative, the AICPA is coordinating resources to improve performance in audits of private entities,
