PCAOB reorganizes standards to follow flow of an audit
The PCAOB voted to reorganize its standards to make them easier to navigate and follow the flow of an audit.
Performing an audit
How coordination enables compliance with the group audits standard
Learn how proper coordination between the group auditor and component auditors enables compliance with the standards.
Internal auditors confident in risk assessment but face possible talent shortage
Internal auditors are confident in their ability to identify emerging risks in a timely manner, but they may be facing a talent shortage, according to a new report.
Forging cooperation between internal audit, external audit, audit committee
The varied roles of internal auditors, external auditors, and audit committees often intersect. A new report describes how they can work together for mutual benefit.
Root cause analysis can improve audits, regulators say
Root cause analysis of audit issues has the potential to bring about significant improvements in audit quality, audit regulators said while presenting results of a global survey of audit inspection findings.
5 ways to overcome confirmation bias
Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.
I’m not biased, am I?
Five common judgment biases can have a negative impact on accounting and auditing decisions. Learn how to spot these biases, and take a short quiz to see how they can affect your judgment.
New IAASB standard changes auditor’s reporting model
A new standard released by the International Auditing and Assurance Standards Board changes rules about how auditors will communicate about their work in their reports.
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.
7 risk areas for the 2014 audit cycle
Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.
PCAOB may soon require naming of engagement partner
PCAOB Chairman James Doty hopes the board will complete a standard early next year that will require the naming of the engagement partner and other firms participating in U.S. public company audits.
Auditors still responsible for going-concern evaluation under PCAOB rules
Recent changes to U.S. GAAP do not change public company auditors’ responsibilities for following existing PCAOB standards when considering a company’s ability to continue as a going concern, the PCAOB said Monday. In a staff audit practice alert, the PCAOB said current auditing requirements remain in force in light of
ASB proposes moving content of AT Section 501 into GAAS
The AICPA Auditing Standards Board (ASB) is proposing moving a section of its attestation standards into generally accepted auditing standards (GAAS). Engagements performed under existing AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, as well
Qualitative considerations for allocating materiality to components in a group audit
Editor’s note: This is the second article in a series of articles about application of the group audits standard. For the first article in the series, see “The Scoop on Group Audits: You May Have Them, Even Though You Think You Don’t.” There is a lot to consider when evaluating
What the PCAOB’s new related-party standard means for auditors
A new PCAOB related-party auditing standard may cause audit firms to revise their audit plans and methodologies to ensure that newly required procedures are fully incorporated into all phases of the audit. The PCAOB issued Auditing Standard (AS) No. 18, Related Parties, on June 10 along with amendments to auditing
PCAOB staff provides guidance for broker-dealer auditors
The PCAOB staff on Thursday issued new guidance for SEC-registered auditors of brokers and dealers as they make the transition to PCAOB standards from the generally accepted auditing standards (GAAS) that previously governed such audits. The staff guidance highlights relevant requirements for audits and attestation engagements. It also provides direction
Additional ASB interpretations address GASB pension issues
The AICPA Auditing Standards Board (ASB) on Thursday issued two interpretations that are designed to help governmental pension plans, participating employers, and their auditors as they implement new GASB standards. Governmental multiple-employer pension plans and their participating employers are facing numerous accounting and auditing issues as a result of GASB
PCAOB approves new related-party auditing requirements
New PCAOB rules approved Tuesday are designed to strengthen auditors’ scrutiny of related-party transactions and significant unusual transactions. Auditing Standard No. 18, Related Parties, requires the auditor to perform specific procedures to evaluate a company’s identification of, accounting for, and disclosure of the transactions and relationships between a company and
PCAOB asks for additional comments on standards reorganization
The PCAOB is asking for additional comment on its proposal for reorganizing the board’s auditing standards. The framework would reorganize the existing PCAOB-issued and interim auditing standards by topic with a single numbering system. The original comment period for the proposal ended May 28, 2013. Along with a supplemental request
IAASB reconsiders auditors’ “other information” duties
A new International Auditing and Assurance Standards Board (IAASB) reproposal is intended to clarify and strengthen auditors’ responsibilities related to “other information” that is included in organizations’ annual reports outside the audited financial statements. The reproposed International Standard on Auditing 720 (Revised), The Auditor’s Responsibilities Relating to Other Information, would
