PCAOB seeks public comments on 5-year strategic plan
The PCAOB’s Strategic Plan 2022–2026 aims to modernize standards, enhance inspections, strengthen enforcement, and improve organizational effectiveness.
Audit
Untangling client affiliates
The AICPA Code of Professional Conduct requires CPA firms to identify all their financial statement attest client affiliates.
Fraud is suspected: Now what?
Follow these do’s and don’ts for auditors when potential wrongdoing surfaces.
Auditor independence relating to government client affiliates
You must apply, with one exception, the “Independence Rule” and related interpretations of the AICPA Code of Professional Conduct to your state or local government client’s affiliates.
PCAOB amends auditing standards to strengthen requirements
The PCAOB adopts amendments to its auditing standards to strengthen requirements that apply to audits involving multiple firms.
PEEC proposals update compliance audit definitions and interpretations
The proposed ethics updates include new or revised definitions and interpretations related to independence during compliance audit engagements.
A needed push into remote auditing
The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.
PCAOB updates requirements on auditing accounting estimates, using specialists
The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.
How the war in Ukraine affects auditors’ responsibilities
Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.
Audit transformation: Automation is one small step in the journey
Learn how data-driven audits can help identify and mitigate risks and why tech tools that automate rote tasks are just one part of the evolution of auditing in this podcast episode with transcript.
Proposal would amend auditing standard for compliance audits
The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.
Embracing technology in the audit
Firms and practitioners are using digital tools to provide more value to clients.
PCAOB seeks input on plans for new advisory groups
The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.
Profession intensifies diversity efforts with new CAQ initiative
The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.
A refreshed focus on risk assessment
Audit firms may have to change some processes in response to a new standard and pandemic-fueled changes to the environment.
What auditors need to know about ESG issues
Regulators and standard setters are making ESG disclosures a bigger area of emphasis. But even current standards require ESG-related risks to be considered, and auditors need to know how to audit this information.
Digital assets: Auditing, accounting, and what’s next
A CPA leader shares talks about auditing and accounting related to digital assets — the challenges, the role of skill development, and what’s next in the evolving space.
Quiz: Check your knowledge of fraud considerations in an audit
How familiar are you with AU-C Section 240, which describes an auditor’s responsibilities relating to fraud in an audit of financial statements? Take this quiz to test what you know.
Diving deeper into smaller frauds due to COVID-19
The coronavirus pandemic has created special challenges for practitioners to consider related to fraud. In the current environment, smaller instances of fraud, many times immaterial to an audit, are now becoming significant and need additional attention.
PCAOB gets new chairperson, board members
Erica Williams has been named chairperson of the Public Company Accounting Oversight Board. She will be joined on the board by Christina Ho, Kara Stein and Tony Thompson. Duane DesParte will continue his service on the board and will serve as acting chairperson until Williams is sworn in.
