Regulators and standard setters are making ESG disclosures a bigger area of emphasis. But even current standards require ESG-related risks to be considered, and auditors need to know how to audit this information.
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TOPICS / AUDIT & ASSURANCE
Audit
Digital assets: Auditing, accounting, and what’s next
A CPA leader shares talks about auditing and accounting related to digital assets — the challenges, the role of skill development, and what’s next in the evolving space.
Diving deeper into smaller frauds due to COVID-19
The coronavirus pandemic has created special challenges for practitioners to consider related to fraud. In the current environment, smaller instances of fraud, many times immaterial to an audit, are now becoming significant and need additional attention.
PCAOB gets new chairperson, board members
Erica Williams has been named chairperson of the Public Company Accounting Oversight Board. She will be joined on the board by Christina Ho, Kara Stein and Tony Thompson. Duane DesParte will continue his service on the board and will serve as acting chairperson until Williams is sworn in.
Revenue recognition: 4 top concerns noted by peer reviewers
Practitioners can successfully navigate the new standard with special attention to these topics.
Journal-entry testing using Excel
In this example walk-through, learn how to use Microsoft’s spreadsheet application to perform several tasks, including sampling.
PCAOB inspections show some improvement in 2020
Some improvement in audit performance was identified during 2020 PCAOB inspections compared with the previous year, according to a board staff report.
A CPA leader’s approach to changing check-the-box training
A CPA leader, the subject of the October Last Word feature, shares her interest in the Harry Potter book series and why she sought better training for staff at a government agency.
5 tips for maintaining audit quality today and in the future
Amid continuing pandemic-related challenges, auditors have opportunities to maintain and improve the quality they deliver to clients and the public.
New standard sharpens focus on risk-based auditing
The AICPA Auditing Standards Board issued a new standard designed to help auditors determine the areas that pose the greatest risks of material misstatement in an audit engagement and spend more of their time performing procedures in those areas.
PCAOB issues staff guidance on audit evidence from other sources
Advances in technology have resulted in the availability of volumes of new information to companies and their auditors. PCAOB staff guidance discusses the implications of this new information for the audit.
Making critical audit matters more readable
Practitioners can take simple steps to make sure information newly included in auditors’ reports is understandable to investors.
5 top-of-mind issues for auditors as focus on quality continues
Practitioners are focusing on new standards, processes, and requirements heading into the fourth quarter of an unusual year.
PCAOB moves to strengthen lead auditor’s oversight of other auditors
The PCAOB issued a second supplementary request for comment on a proposal designed to enhance the lead auditor’s role in overseeing other auditors outside the firm that issues the auditor’s report.
How climate risks are reflected in current financial statements
The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.
Audit evolution in action: Part 2
In part 2 of a series, hear or read more about the role of audit data analytics in the continuing transformation of auditing.
Single audit rules clarified for Provider Relief Fund recipients
Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.
Quality management proposal provides opportunity to consider risks
Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
A new road map for risk assessment, audit work
Careful analysis and thought-provoking discussion contribute to high-quality risk assessment in auditing. A proposed new standard is designed to lead to improvement in this area.
PCAOB proposal addresses international oversight challenges
The Public Company Accounting Oversight Board proposed a framework that would guide its actions when its oversight activities are stymied by authorities in other jurisdictions.
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