Audit

TOPICS / AUDIT & ASSURANCE

October 1, 2021

Making critical audit matters more readable

Practitioners can take simple steps to make sure information newly included in auditors’ reports is understandable to investors.

October 1, 2021

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.

September 28, 2021

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.

September 14, 2021

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.

July 28, 2021

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.

July 23, 2021

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.

July 8, 2021

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.

May 17, 2021

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.

May 13, 2021

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.

May 4, 2021

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.

April 9, 2021

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.

April 6, 2021

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.

March 29, 2021

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.

March 29, 2021

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.

March 1, 2021

Quality audits amid chaos

These tips can help practitioners as they audit financial statements of clients affected by the coronavirus pandemic.

February 25, 2021

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.

February 11, 2021

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.

February 5, 2021

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.

February 4, 2021

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.

January 1, 2021

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.

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.