The PCAOB voted to adopt an amendment to a rule on the timing of certain inspections of registered non-U.S. public accounting firms. The amendment to PCAOB Rule 4003(g) gives the board the ability to postpone, for up to three years, the first inspection of any foreign registered public accounting
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TOPICS / AUDIT & ASSURANCE
Audit
Auditing
The AICPA’s Auditing Standards Board issued Statement of Position (SOP) 09-1, Performing Agreed-Upon Procedures Engagements That Address the Completeness, Accuracy, or Consistency of XBRL-Tagged Data. This interpretative SOP, drafted with the assistance of the XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee, provides guidance regarding the
PCAOB Passes EQR Standard, Solicits Comments on Engagement Partner Signatures on Audit Reports
The PCAOB on Tuesday passed an auditing standard, Engagement Quality Review, requiring an independent reviewer to perform EQRs and superseding the existing concurring partner review requirement. If approved by the SEC, the standard will take effect for the EQR of audits and interim reviews for fiscal years that begin on
PCAOB to Vote on Engagement Quality Review Auditing Standard
The PCAOB on Tuesday will vote on adopting an auditing standard, Engagement Quality Review, which would require EQRs to be performed by an independent reviewer and would supersede the existing concurring partner review requirement. The new standard would require an EQR for audits and reviews of interim financial information (“interim
ASB Seeks Comments on Exposure Drafts
The AICPA Auditing Standards Board issued two exposure drafts resulting from its clarity project: Proposed Statement on Auditing Standards (SAS), Quality Control for an Audit of Financial Statements. The proposed SAS specifies quality control procedures at the engagement level that assist the auditor in achieving the objectives of the quality
Auditing
The AICPA’s Auditing Standards Board issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of
ARSC Issues Proposals in Response to Reliability Task Force Recommendations
The AICPA’s Accounting and Review Services Committee (ARSC) issued an exposure draft that would revise the standards for compilation and review engagements. The changes would affect the interplay between the standards and independence rules, permitting an accountant to issue a review report on financial statements when the accountant’s independence is
Auditing
The AICPA’s Auditing Standards Board released a proposal redrafting Statement on Auditing Standards (SAS) no. 39, Audit Sampling (AICPA, Professional Standards, vol. 1, AU sec. 350), according to the board’s clarity drafting conventions and to converge with International Standard on Auditing (ISA) no. 530 (Redrafted), Audit Sampling. While the proposal
ASB Issues Proposed Standard on Subsequent Events
The Auditing Standards Board has issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of
GASB, CAQ Offer Research Grants
GASB and the Center for Audit Quality (CAQ) are each reaching out to the academic community with grant proposals. GASB is offering a $5,000 research grant to encourage academic support for its standard-setting activities, while the CAQ separately plans to give out a combined $200,000 in grants for multiple research
Auditing
To help auditors, management and others involved with gauging the effects of the economic crisis on an entity’s viability and whether these effects should be described in the financial statements, the International Auditing and Assurance Standards Board (IAASB) released the practice alert Audit Considerations in Respect of Going Concern
Effort to Simplify International Audit Standards Completed
The International Auditing and Assurance Standards Board (IAASB) has completed its clarity project, an initiative to update and reposition auditing standards in a form that is easier to understand, implement and translate. The clarified standards are effective for audits of financial statements for periods beginning on or after Dec. 15,
Clarified Risk Standard Proposals Available
The AICPA released for exposure certain risk assessment standards rewritten as part of its clarity project. The proposed risk assessment standards have been redrafted into a format that clearly identifies objectives, relevant definitions, requirements, and application and other explanatory material. Comments on the exposure drafts are due April 30.
Auditing
The Center for Audit Quality issued a practice aid on testing journal entries. The nonauthoritative document is designed to be a reference for auditors of public companies when applying certain sections of AU section 316, Consideration of Fraud in a Financial Statement Audit, of the PCAOB’s interim auditing standards. It
ASB Issues Audit Documentation Guidance, Internal Control Standards
The Auditing Standards Board (ASB) issued the second clarified auditing standard resulting from its clarity project, which aims to make U.S. GAAP easier to understand and apply and gives each standard a principles-based objective. Statement on Auditing Standards Audit Documentation (Redrafted) supersedes AU section 339, Audit Documentation. The standard
CAQ Issues Aid on Testing Journal Entries
The Center for Audit Quality issued a practice aid on testing journal entries. The nonauthoritative document is designed to be a reference for auditors of public companies when applying certain sections of AU section 316, Consideration of Fraud in a Financial Statement Audit, of the PCAOB’s interim auditing standards. It
Uniting the Global Profession
Robert Bunting became president of the International Federation of Accountants (IFAC) in November, beginning a two-year term. Prior to this, he was deputy president of IFAC for two years and has been a member of the IFAC Board since 2005. Bunting is a partner in Seattle-based Moss Adams LLP, where
Auditing
The AICPA’s Auditing Standards Board issued two exposure drafts related to service organizations. Proposed Statement on Auditing Standards, Audit Considerations Relating to an Entity Using a Service Organization (Redrafted), is for auditors of entities that use a service organization. The redrafted SAS would supersede AU section 324, Service Organizations. Proposed
New Statement on Quality Control Standards Effective as of Jan. 1
Statement on Quality Control Standards (SQCS) no. 7, A Firm’s System of Quality Control, applies as of Jan. 1, 2009, to a CPA firm’s system of quality control for its accounting and auditing practice. The statement describes elements of quality control and other matters essential to the effective design and
Auditing
The AICPA’s Auditing Standards Board issued two final standards on internal control. Statement on Standards for Attestation Engagements (SSAE) no. 15, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, converges the standards practitioners use for reporting on a
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