Audit

TOPICS / AUDIT & ASSURANCE

January 4, 2024

Gen AI, business model transformation, and more with AICPA & CIMA CEO

The CEO of AICPA & CIMA explains how the move by private-equity investors into accounting is just one step in firm transformation and why a world “devoid of trust” needs accountants.

January 1, 2024

Using technology to boost audit quality

With tools such as artificial intelligence, auditors can implement new processes that enhance effectiveness and efficiency.

December 21, 2023

PCAOB shares inspection priorities for 2024

A staff report reveals what is top of mind for PCAOB inspectors and what auditors in the board’s purview should prioritize in the coming year.

December 15, 2023

DOL report points out deficiencies in employee benefit plan audits

The report examined filings from 2020, finding that 70% of audits either fully complied with auditing standards or had minor deficiencies.

December 1, 2023

Auditor independence threats and malpractice claims

When questions of independence arise in malpractice claims related to audit services, plaintiff ’s counsel often second-guesses the firm’s independence, painting a picture that the auditor’s professional skepticism was tainted.

December 1, 2023

QM standards: How to perform a root cause analysis

An expert discusses the requirements to perform a root cause analysis as part of monitoring and remediation when implementing the new risk-based quality management standards.

November 8, 2023

Generative AI revolution: How auditors are leading the way

Half of finance executives report they’ve already implemented GenAI into financial reporting; the majority view auditors as crucial to the cause.

November 1, 2023

Considering IT risk during audit risk assessment procedures

SAS No. 145 assists auditors in identifying and addressing risks that the use of information technology can introduce.

November 1, 2023

QM is approaching faster than you think — get ready

Tips to catch up on implementing new quality management standards that firms offering audit and accounting services need to put into practice.

November 1, 2023

Technology in audit: More than a numbers game

Costs and change fatigue are legitimate concerns, but can firms afford not to upgrade?

October 1, 2023

How to implement the risk-based quality management standards

An expert suggests ways to get started on identifying risks and designing responses under the new and very different standards.

September 28, 2023

QM standards: Overview of the monitoring and remediation process

An expert discusses the requirements for monitoring and remediation when implementing the new quality management standards.

September 14, 2023

A refresher on fraud and the responsibility for its detection

The opportunities, incentives, and rationalizations to commit fraud abound. Recall what the practitioner’s responsibilities are in an assurance engagement and be sure you are playing your part to ensure the work you do continues to help protect businesses and stakeholders.

September 1, 2023

AICPA seeks comments on proposed changes to QM standards

The exposure draft of the Statement on Standards for Attestation Engagements aims to align quality management standards with standards for audits, reviews, and compilations.

September 1, 2023

How 3 firms tackle the audit talent crunch

Nontraditional career paths, international expansions, and automation are among the approaches three firms are using successfully.

August 31, 2023

An updated practice aid and how it can assist in audits of digital assets

Updates to a digital assets practice aid provide valuable information for accounting for and auditing of digital assets. A CPA explains more in this podcast episode with transcript.

August 31, 2023

Quality management standards: How to perform a root cause analysis

An expert discusses the requirements to perform a root cause analysis as part of monitoring and remediation.

August 1, 2023

How authentication issues can affect financial data and financial statement audits

Organizations must look beyond traditional controls to safeguard data.

August 1, 2023

Peer review findings in audits of not-for-profits: What auditors need to know

Experts suggest ways to prevent common problems such as inadequate planning and risk assessment and insufficient documentation.

July 27, 2023

AICPA debuts new practice aid for tech-enabled auditing

The AICPA Auditing Standards Board’s Technology Working Group has developed a new practice aid that will emphasize how technology should be seen as a key enabler, elevating audit effectiveness and efficiency for the future. It uses risk assessment procedures under SAS No. 145 as the example.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.