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The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
Learn what CPA firms can and cannot do to assist those who defend auditors against professional liability claims.
With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.
The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.
The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.
A proposed standard by the AICPA Auditing Standards Board is designed to enhance auditors’ processes for identifying and responding to the risks of material misstatement in financial statements.
Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard.
The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.
The risk assessment standard provides a baseline for the successful planning and conducting of an audit. Take this quiz to find out how well you understand the basics of risk assessment.
The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.
The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.
The PCAOB will meet to consider adopting new rules for public company auditors on auditing accounting estimates, including fair value measurements, and on the use of specialists.
SPONSORED REPORT
Get your clients ready for tax seasonUpon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.
100th ANNIVERSARY
Black CPA Centennial, 1921–2021With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.