The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.
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Audit & assurance
PCAOB report: Audit deficiencies increase in 2021
Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.
PCAOB report analyzes reporting of critical audit matters
The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.
Audit committee disclosures increase, right along with workload
A Center for Audit Quality report reveals an increase in public company audit committee disclosures, particularly related to cybersecurity, while an accompanying report aims to help audit committees manage their growing list of responsibilities.
PCAOB proposes new quality control standards
Public comments sought on quality control standards that incorporate standards established by the AICPA and the IAASB.
National taxpayer advocate has concerns about $400,000 audit promise
National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.
Resources for organizations requiring an audit related to COVID-19 relief
AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.
Inherent risk and SAS No. 145: New concepts and requirements
New inherent risk factors introduced by SAS No. 145 aim to assist in risk identification. Understand how the changes will affect your 2023 audits.
How firms are seizing the ESG opportunity
Sustainability teams are breaking new ground in accounting firms — but staffing and training remain a challenge.
PCAOB seeks comments on interim attestation standards
The PCAOB issued a staff request for information and comment on the application and use of the board’s interim attestation standards.
A quick tour of student loan forgiveness, a quiz, and a letter to the IRS
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.
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.
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