Newly published insights can help audit firms avoid public disclosure of quality control criticisms issued by the PCAOB.
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TOPICS / AUDIT & ASSURANCE
Audit
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Drafting an AI policy that actually works
As AI use accelerates, many firms are discovering their policies haven’t kept pace. This article breaks down what CPAs and finance leaders should consider when drafting an AI policy that’s practical, flexible, and fit for real world use.
