PCAOB amends independence requirements to align with SEC changes
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.
Audit
ASB proposal addresses auditing of fair value estimates of financial instruments
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.
9 tips for successful auditing of revenue recognition
A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
Developing a strategic audit plan
This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.
SEC aims to reduce unnecessary auditor independence red flags
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.
Proposal aims to enhance auditors’ risk assessment process
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.
Audit evidence standard would be updated under proposal
Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard.
PCAOB issues staff guidance on auditing estimates, specialists
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.
Quiz: How well do you know the risk assessment standard?
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.
Audit evidence standard would be updated under proposal
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.
ASB enhances communication in auditors’ reports
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.
PCAOB to consider rules on auditing estimates, use of specialists
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.
What ‘dry runs’ reveal about critical audit matters
The new reporting model for public company audits requires practitioners to disclose “critical audit matters” that arise during their work. A new Center for Audit Quality report examines the results of “dry runs” that are designed to help firms develop methodologies for determining and reporting critical audit matters.
Strategies for quality work in single audits
Careful testing and thorough documentation are among the keys for quality single audit performance described by Laurie De Armond, CPA, in her summary of observations from the AICPA Not-for-Profit Industry Conference.
Why are we still auditing on-site?
This article explores reasons for remote auditing.
How to improve audit planning effectiveness and efficiency
Attention to the right details during planning can save time and enhance audit quality.
PCAOB expands auditors’ reporting duties
Auditor’s reports will provide more information to financial statement users under new rules.
Audit documentation: Tips for getting it right
Steer clear of three common misconceptions about documentation that can derail an otherwise high-quality audit.
7 steps to planning a successful not-for-profit audit
This column offers tips to help make year-end financial statement audits more effective and less challenging.
11 tips for success with single audits
As a new regulation takes effect for single audits, practitioners need to plan carefully, and test and document skillfully as they perform this specialized work for clients.
