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.
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TOPICS / AUDIT & ASSURANCE
Audit
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.
What auditors and audit committees need to know about SPACs
Interest in special-purpose acquisition companies is growing among investors and regulators. The Center for Audit Quality has considerations for auditors and audit committees to keep in mind regarding SPACs.
ASB extends comment period for quality management ED
The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.
PCAOB’s 2021 inspections target pandemic concerns, predictability
The effects of the coronavirus pandemic on companies’ financial reporting will be a focus of the PCAOB’s inspections in 2021. The board also will strive to become less predictable in the audits and subject areas reviewed by inspectors.
PCAOB establishes new advisory group for standard setting
The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.
NOCLAR: Proposals aim to help CPAs find the right balance
It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.
Quality audits amid chaos
These tips can help practitioners as they audit financial statements of clients affected by the coronavirus pandemic.
New proposals would provide guidance on CPAs’ NOCLAR duties
Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.
Single audits: Deliver high quality in a challenging time
The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
New standards continue drive toward better audits
With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
New approach to quality management proposed by ASB
The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
Advice from the experts: Defending audit claims
Learn what CPA firms can and cannot do to assist those who defend auditors against professional liability claims.
Quiz: Are you prepared to audit fraud risk during a pandemic?
With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.
Tips for auditing in a COVID-19 environment
The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
Why the best critical audit matter disclosures use entity-specific info
Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
PCAOB changes 2021 inspection focus areas as a result of COVID-19
PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
PCAOB amends independence requirements to align with SEC changes
The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
ASB proposal addresses auditing of fair value estimates of financial instruments
A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
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