Audit

TOPICS / AUDIT & ASSURANCE

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.

October 1, 2024

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.

September 17, 2024

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.

September 10, 2024

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.

August 16, 2024

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.

July 29, 2024

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.

July 17, 2024

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.

July 1, 2024

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.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.