The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.
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TOPICS / AUDIT & ASSURANCE
Audit
Audit committee disclosures increase, right along with workload
A Center for Audit Quality report reveals an increase in public company audit committee disclosures, particularly related to cybersecurity, while an accompanying report aims to help audit committees manage their growing list of responsibilities.
PCAOB proposes new quality control standards
Public comments sought on quality control standards that incorporate standards established by the AICPA and the IAASB.
Resources for organizations requiring an audit related to COVID-19 relief
AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.
Inherent risk and SAS No. 145: New concepts and requirements
New inherent risk factors introduced by SAS No. 145 aim to assist in risk identification. Understand how the changes will affect your 2023 audits.
A quick tour of student loan forgiveness, a quiz, and a letter to the IRS
This express podcast episode with transcript hits the highlights of recent Journal of Accountancy news coverage of student loan debt forgiveness, an AICPA letter urging penalty relief from the IRS, and more.
Significant risk revised: Concept changes under SAS No. 145
SAS No. 145 revises the definition of significant risk. The revisions alter how you conduct elements of your risk assessments. Get the updated information you need and be ready for your 2023 audits.
Using Benford’s Law to reveal journal entry irregularities
Benford’s Law can help uncover indicators of fraud — and anomalies that arise from legitimate business practices.
PCAOB seeks public comments on 5-year strategic plan
The PCAOB’s Strategic Plan 2022–2026 aims to modernize standards, enhance inspections, strengthen enforcement, and improve organizational effectiveness.
Untangling client affiliates
The AICPA Code of Professional Conduct requires CPA firms to identify all their financial statement attest client affiliates.
Fraud is suspected: Now what?
Follow these do’s and don’ts for auditors when potential wrongdoing surfaces.
Auditor independence relating to government client affiliates
You must apply, with one exception, the “Independence Rule” and related interpretations of the AICPA Code of Professional Conduct to your state or local government client’s affiliates.
PCAOB amends auditing standards to strengthen requirements
The PCAOB adopts amendments to its auditing standards to strengthen requirements that apply to audits involving multiple firms.
PEEC proposals update compliance audit definitions and interpretations
The proposed ethics updates include new or revised definitions and interpretations related to independence during compliance audit engagements.
A needed push into remote auditing
The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.
PCAOB updates requirements on auditing accounting estimates, using specialists
The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.
How the war in Ukraine affects auditors’ responsibilities
Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.
Audit transformation: Automation is one small step in the journey
Learn how data-driven audits can help identify and mitigate risks and why tech tools that automate rote tasks are just one part of the evolution of auditing in this podcast episode with transcript.
Proposal would amend auditing standard for compliance audits
The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.
Embracing technology in the audit
Firms and practitioners are using digital tools to provide more value to clients.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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