Audit

TOPICS / AUDIT & ASSURANCE

December 20, 2022

PCAOB proposes new auditing standard

The PCAOB issued a proposed new standard that is designed to strengthen and modernize the requirements for the auditor’s use of confirmation.

December 20, 2022

5 ways firms can use technology to transform audits

Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, Audit Evidence, which took effect on Dec. 15, 2022.

December 16, 2022

One size does not fit all clients: SAS No. 145 on scalability

Understand the opportunities to maximize efficiency in your audits of less-complex entities. SAS No. 145 will tell you that risk assessment is not a one-size-fits-all proposition and provides opportunities to scale work throughout the process.

December 15, 2022

PCAOB gains ‘complete access’ to audit firms in China

The PCAOB confirms that China is honoring an agreement signed in August that allows the board free rein to inspect public companies that trade on the U.S. capital markets.

December 9, 2022

PCAOB report analyzes impact of estimates and specialists requirements

The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.

December 8, 2022

PCAOB report: Audit deficiencies increase in 2021

Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.

December 7, 2022

PCAOB report analyzes reporting of critical audit matters

The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.

November 30, 2022

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.

November 21, 2022

PCAOB proposes new quality control standards

Public comments sought on quality control standards that incorporate standards established by the AICPA and the IAASB.

October 21, 2022

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.

October 13, 2022

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.

September 15, 2022

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.

September 12, 2022

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.

September 1, 2022

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.

August 16, 2022

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.

August 1, 2022

Untangling client affiliates

The AICPA Code of Professional Conduct requires CPA firms to identify all their financial statement attest client affiliates.

August 1, 2022

Fraud is suspected: Now what?

Follow these do’s and don’ts for auditors when potential wrongdoing surfaces.

July 1, 2022

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.

June 21, 2022

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.

June 3, 2022

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.

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.