Audit

TOPICS / AUDIT & ASSURANCE

February 1, 2024

7 reasons for deficiencies in audits of broker-dealer annual reports

A PCAOB spotlight report recommends actions that auditors and firms can take to produce compliant attestation engagements.

February 1, 2024

What AI can do for auditors

Firm leaders explain why they are using artificial intelligence to transform audits and how they are handling barriers to AI adoption.

January 22, 2024

A&A Focus recap: FASB updates, BOI, busy season tips

The first episode of the monthly newscast series also covered employee benefit plan audits, commercial real estate, and artificial intelligence.

January 10, 2024

Auditor options when finding ineligible ERC claims

With the IRS challenging the validity of many employee retention credit (ERC) claims, what should practitioners do if they come across questionable ERC claims during audit engagements? Experts Robert Durak and Michael Westervelt provide answers.

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.

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.