Audit

TOPICS / AUDIT & ASSURANCE

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.

July 25, 2023

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.

July 18, 2023

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.

June 23, 2023

PCAOB details priorities for audit inspections

The PCAOB has released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks.

June 6, 2023

PCAOB amends auditor requirements for reporting noncompliance

The PCAOB issued an amendment designed to “strengthen auditor vigilance against fraud and other forms of noncompliance,” according to a news release.

May 24, 2023

Public companies reining in costs, according to audit partners

A lower percentage of companies are seeking new employees and increasing the benefits for their current workers, according to a survey of audit partners.

May 16, 2023

PCAOB prioritizes two standard-setting projects

The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.

May 4, 2023

PCAOB enhances transparency of inspection reports

The PCAOB has enhanced its inspection reports with a new section on auditor independence and other improvements that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.”

April 17, 2023

PCAOB reveals priorities for 2023 inspections

The board will continue to pay particular attention to financial services and broker-dealer audits while reminding all auditors to be vigilant when it comes to fraud-related risks.

April 14, 2023

Nothing left to chance: The life of a lottery auditor

Auditors are accustomed to working with numbers and moving targets, but a select few work with numbers on bouncing balls.

March 30, 2023

How remote work affected early-career auditors

A new study delves into both the negative impacts and upsides of remote working on the learning and professional development of early-career auditors.

March 28, 2023

Proposal aims to ‘modernize’ public-company audit standards

The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.

March 7, 2023

New standard provides risk-based approach to group audits

The AICPA Auditing Standards Board issues SAS No. 149 and SQMS No. 3. SAS No. 149 introduces the term “referred-to auditor” and revises the definition of component auditor.

March 1, 2023

Improve audit sampling efficiency with Excel’s Solver tool

Artificial intelligence capability can significantly reduce the time and effort auditors devote to sampling estimation tasks.

February 3, 2023

PCAOB offers new guidance for quality control remediation

Newly published insights can help audit firms avoid public disclosure of quality control criticisms issued by the PCAOB.

January 20, 2023

Auditing best practices: What academic fraud research reveals

Complying with AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, when conducting financial statement audits challenges practitioners’ professional skills and knowledge regarding identification, assessment, and response to fraud risks. Academic research reveals best practices for enhancing fraud-related financial audit performance.

January 4, 2023

Audit tips from PCAOB inspections leader

The director of the PCAOB inspections team recently issued a call to action for auditors at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.

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.