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.
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TOPICS / AUDIT & ASSURANCE
Audit
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.
Scaling SAS 145 for less-complex entities
Recognize opportunities to customize audit procedures at less-complex entities while meeting the requirements of the standard.
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.
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.
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.
PCAOB inspectors offer advice in areas of risk
Public company audits can benefit from expert input, particularly in the rapidly changing world of cryptoassets. Also, the SEC, FASB, and FASAB issued regulatory updates.
A&A Focus recap: Leveraging control testing in an audit
Also, an update from the Auditing Standards Board chair, principal vs. agent analysis when recognizing revenue, and the new required income tax disclosures under FASB Accounting Standards Update No. 2023-09.
SEC approves PCAOB system of quality control
QC 1000 establishes a risk-based system that aligns with AICPA quality management standards, both of which take effect in late 2025.
A&A Focus recap: A deep dive into SAS 145
The August webcast also covered peer review updates, more on using technology in audits, and the AICPA Financial Reporting Framework for Small- and Medium-Sized Entities.
Broker-dealer audit deficiencies on the rise, PCAOB finds
The board’s annual report identifies deficiencies in 70% of audit engagement reviews, offers advice aimed at reducing the number.
Warning for EBP audit firms: Service agreements can create headaches
A letter from the Employee Benefit Plan Audit Quality Center addresses nondisclosure agreements and recommends actions that auditors can take to avoid running afoul of legal, regulatory, or professional standards.
Audit smarter by reassessing audit risk
The AICPA Center for Plain English Accounting has developed steps to reimagine risk assessment in a more focused and efficient way.
A&A Focus recap: Top A&A and employee benefit plan issues
The June installment of the monthly newscast series reviews the top issues raised at two of the AICPA’s premier conferences, looks at software being used by auditors, and includes an update from the AICPA’s chief auditor.
TQA addresses related-party disclosure requirements
The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act.
PCAOB tightens liability standard
The board took three actions to update auditing standards and procedures, including the adoption of a change to an almost 20-year-old rule that tightens the standard of liability to “negligent” from “reckless” for an associated person who contributes to a firm’s violations.
Quality management: Details of a standard-setting journey
The chair of the AICPA Auditing Standards Board joins the JofA podcast to provide updates on quality management standards and explain why Dec. 15, 2025, is an important date. Listen to the episode or read the Q&A.
AICPA updates practice aid for digital assets
The practice aid for accounting for and auditing of digital assets has new guidance on auditing the valuation of digital assets along with auditing procedures regarding their existence, rights, and obligations.
How auditors can apply a forensic-like approach to fraud
Professionals with forensic and fraud expertise share techniques auditors can use when completing AU-C Section 240 requirements.
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