Audit

TOPICS / AUDIT & ASSURANCE

March 17, 2025

AICPA Auditing Standards Board names Creps as chair

Catherine “Halie” Creps, CPA, a current ASB member and a partner at KPMG, will replace Sara Lord in May, when seven new board members begin their tenures.

March 14, 2025

PCAOB offers reporting guidance on a number of fronts

The board offers advice to public company auditors about Form AP, upcoming standards on quality control and confirmation, and in the form of free PCAOB-led forums.

March 14, 2025

Auditing Standards Board releases consultation paper on its forward strategy

The ASB seeks input on the draft of its 2026–2030 strategic plan. The comment deadline is June 13.

March 3, 2025

AICPA auditing board approves two exposure drafts for public comment

The AICPA Auditing Standards Board voted Thursday to separately expose for public comment proposed changes related to attestation review engagements and external confirmations in the AICPA Professional Standards.

March 1, 2025

Lessons learned from the first year of SAS 145

Implementing SAS 145, the new audit standard, has changed one firm’s documentation and brought about efficiencies.

February 14, 2025

A&A Focus recap: FASB and ASB chair recap and preview activities

The February webcast included one-on-one discussions with the chairs of the accounting and auditing standard setters.

February 12, 2025

PCAOB withdraws proposed rules requiring extensive firm and engagement metrics

The AICPA had urged the SEC to refrain from approving the rules, warning they would “pose significant challenges” to small and midsize firms. An AICPA statement said that the “PCAOB’s decision not to move forward with the rules is the right one.”

January 17, 2025

A&A Focus recap: Quality Management FAQs and a 2024 ASU rundown

The January webcast also included a deep dive into step 3 of the five-step revenue recognition process outlined in FASB ASC 606.

December 20, 2024

AICPA asks SEC to reject PCAOB rules that pose ‘significant challenges’

A comment letter sent Thursday urges the SEC, which oversees the PCAOB, to “refrain from approving” final rules issued last month that call for certain PCAOB-registered public accounting firms to report on a list of firm and engagement metrics.

December 11, 2024

PCAOB shares inspection priorities for 2025

The board, facing an uncertain future following the presidential election, plans to prioritize inspections in the financial, real estate, and information technology sectors in 2025.

December 10, 2024

How the new QM standards may affect peer review

Follow these tips to ensure a smooth peer review process once the new standards take effect.

December 9, 2024

Engagement quality reviews: What auditors should know

Firms with A&A practices should be aware that the new quality management standards include changes to engagement quality reviews.

November 22, 2024

PCAOB will require firms to share a new set of metrics

The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.

November 15, 2024

PCAOB amendment addresses registration of inactive firms

The adopted rule empowers the PCAOB to withdraw the registration of firms that don’t file annual reports and don’t pay annual dues for two consecutive years.

November 5, 2024

AICPA board approves update to peer review standards

The AICPA Peer Review Board approved changes that align with new quality management standards for firms’ accounting and auditing practices.

November 1, 2024

Resources to implement the QM standard

The AICPA offers a comprehensive practice aid to help firms implement the new quality management standard by the 2025 deadline.

November 1, 2024

Scaling SAS 145 for less-complex entities

Recognize opportunities to customize audit procedures at less-complex entities while meeting the requirements of the standard.

October 31, 2024

How auditors can demystify transformative technology

One tip from Institute of Internal Auditors CEO Anthony Pugliese on harnessing the power of emerging technology: You don’t have to know everything to start working with it.

October 17, 2024

Public sector talent shortage: Unique challenges require unique solutions

Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds.

October 9, 2024

AI promises more efficiency but won’t replace auditors

The 2024 BDO Audit Innovation Survey found that 54% of leaders expect their audit firm to use artificial intelligence and other advanced technologies to enhance the audit experience, but the human element is irreplaceable.

FROM THIS MONTH'S ISSUE

Tax season quick guide

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.