The latest data from research by the International Federation of Accountants, the AICPA, and CIMA reveals that nearly three-fourths of the largest global companies obtained assurance of sustainability disclosures in 2023, with the majority depending on audit firms. U.S. companies rank ahead of the pack when it comes to obtaining assurance but behind the pack when it comes to depending on audit firms.
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TOPICS / AUDIT & ASSURANCE
Audit
AICPA monitoring proposed changes to public company auditing oversight
Changes have been proposed by the House Financial Services Committee related to PCAOB inspection and enforcement activities involving firms that audit public companies. In a statement, the AICPA said it believes that healthy oversight of accounting firms performing audits of public companies “protects the public interest.”
Tax legislation, audit oversight, and other AICPA advocacy focus areas
An AICPA executive vice president details points of emphasis related to advocacy in Washington and offers advice to members on managing legislative and regulatory uncertainty. Listen to the episode or read the Q&A with Mark Peterson.
A&A Focus recap: Rev rec, AICPA standard setting update, and stablecoins
The March A&A Focus webcast featured a deep dive into step 4 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as news on new auditing standards exposure drafts.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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