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.
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TOPICS
Audit & assurance
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.
SEC to auditors: Use care with Chinese engagements
Public audit firms must make sure issuers in China and Hong Kong will grant new lead auditors appropriate access to previous engagements, an SEC official warns.
The ‘mixed bag’ of economic sentiment; recent IRS news; a PCAOB update
Economic optimism is dimming, bringing revenue and profit projections down as well, but more than half of U.S. finance decision-makers say they can use more workers. Learn more about quarterly sentiment, along with a look at IRS news and more, in this podcast episode with transcript.
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 releases review of 2021 inspections, looks forward to 2022 review
The board’s target team provides insights in four areas of focus to provide guidance for public company auditors and shape the PCAOB’s approach to future inspections.
PCAOB, China sign agreement opening door for inspections
The Statement of Protocol allows the PCAOB access to inspect Chinese companies the same way it does in other countries. The PCAOB said it plans to put the agreement “to the test” by mid-September.
PCAOB report: Quality of audits improves in 2021 but still lacking
Deficiency rates decreased in 2021 broker-dealer audits reviewed by the PCAOB, but the board’s report calls for more progress.
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.
SEC approves PCAOB standards for multi-firm audits
New standards target the growing number of public company audits that feature multiple firms, aiming to strengthen the requirements for lead auditors.
IAASB issues new FAQs for reporting going concern matters
The IAASB has issued a nonauthoritative publication to address some of the common questions related to reporting going concern matters in the auditor’s report.
More companies obtaining ESG assurance, according to global survey
The percentage of companies worldwide providing assurance on ESG reporting increased between 2019 and 2020, but are auditors getting their share of the work?
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.
PCAOB, SEC chairs look to strengthen oversight of auditing practices
The Sarbanes-Oxley Act created the PCAOB in 2002 to oversee public company audits. Twenty years later, the PCAOB — backed by the SEC — is emphasizing inspection and enforcement as ways to strengthen investor protections.
What’s new in SAS No. 145: Enhanced definitions mean stronger audits
Don’t delay. Understand SAS No. 145, from the AICPA Auditing Standards Board (ASB), and be ready.
Audit partners see signs that inflation will persist
Three-fourths of public company audit partners believe inflation will persist for at least 12 months, according to a Center for Audit Quality survey.
New possibilities when performing attestation services
Recently issued standards provide options for clients and flexibility for practitioners.
Auditor independence relating to government client affiliates
You must apply, with one exception, the “Independence Rule” and related interpretations of the AICPA Code of Professional Conduct to your state or local government client’s affiliates.
PCAOB reveals selected areas of focus for 2022 inspections
The report highlights 10 areas of focus for inspections and shares five key reminders aimed at helping auditors as they navigate the current economic landscape.
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