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Complying with AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, when conducting financial statement audits challenges practitioners’ professional skills and knowledge regarding identification, assessment, and response to fraud risks. Academic research reveals best practices for enhancing fraud-related financial audit performance.
The director of the PCAOB inspections team recently issued a call to action for auditors at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
The PCAOB issued a proposed new standard that is designed to strengthen and modernize the requirements for the auditor’s use of confirmation.
Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, Audit Evidence, which took effect on Dec. 15, 2022.
Understand the opportunities to maximize efficiency in your audits of less-complex entities. SAS No. 145 will tell you that risk assessment is not a one-size-fits-all proposition and provides opportunities to scale work throughout the process.
The PCAOB confirms that China is honoring an agreement signed in August that allows the board free rein to inspect public companies that trade on the U.S. capital markets.
Remote audits are the new norm for firms for many strategic reasons. They may save time and costs, reduce travel, or boost employee retention, among other advantages. Test your remote audit knowledge and get resources for your next remote audit.
The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.
Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.
The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.
A Center for Audit Quality report reveals an increase in public company audit committee disclosures, particularly related to cybersecurity, while an accompanying report aims to help audit committees manage their growing list of responsibilities.
Public comments sought on quality control standards that incorporate standards established by the AICPA and the IAASB.
Understanding and evaluating inherent risk will remain a critical piece of your audit risk assessment process, and SAS No. 145 has brought a number of changes to enhance clarity and audit effectiveness.
AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.
New inherent risk factors introduced by SAS No. 145 aim to assist in risk identification. Understand how the changes will affect your 2023 audits.
This express podcast episode with transcript hits the highlights of recent Journal of Accountancy news coverage of student loan debt forgiveness, an AICPA letter urging penalty relief from the IRS, and more.
How familiar are you with SAS No. 145, which details an auditor’s responsibility relating to risk assessment in an audit of financial statements? Take this quiz to test what you know and get better prepared.
SAS No. 145 revises the definition of significant risk. The revisions alter how you conduct elements of your risk assessments. Get the updated information you need and be ready for your 2023 audits.
Benford’s Law can help uncover indicators of fraud — and anomalies that arise from legitimate business practices.
The PCAOB’s Strategic Plan 2022–2026 aims to modernize standards, enhance inspections, strengthen enforcement, and improve organizational effectiveness.
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