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.
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TOPICS / AUDIT & ASSURANCE
Audit
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.
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.
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.
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.
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.
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.
Technology in audit: More than a numbers game
Costs and change fatigue are legitimate concerns, but can firms afford not to upgrade?
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.
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.
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.
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.
How 3 firms tackle the audit talent crunch
Nontraditional career paths, international expansions, and automation are among the approaches three firms are using successfully.
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.
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.
How authentication issues can affect financial data and financial statement audits
Organizations must look beyond traditional controls to safeguard data.
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.
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.
PCAOB report: Audit deficiencies rise again in 2022
The number of audits found to have deficiencies during PCAOB inspections showed another year-over-year increase in 2022, according to a board staff report released Tuesday.
Quality management standards: How to identify risks and design responses
An expert suggests ways to get started implementing the new and very different risk-based standards.
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