Amid continuing pandemic-related challenges, auditors have opportunities to maintain and improve the quality they deliver to clients and the public.
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TOPICS / AUDIT & ASSURANCE
Audit
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.
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.
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