Audit & assurance news and resources -- Journal of Accountancy

TOPICS

June 3, 2022

PEEC proposals update compliance audit definitions and interpretations

The proposed ethics updates include new or revised definitions and interpretations related to independence during compliance audit engagements.

May 26, 2022

A needed push into remote auditing

The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.

May 12, 2022

New quality management standards approved by AICPA Auditing Standards Board

The new standards represent a significant change in how CPA firms will approach audit and assurance quality in the future.

May 10, 2022

TQAs provide guidance on auditor reporting of other information included in annual reports

The Technical Questions and Answers address auditor reporting when the entity issues its annual report subsequent to its financial statements.

May 1, 2022

Can a CPA firm loan staff to an attest client?

Understand the changes to the AICPA Code of Professional Conduct’s independence rules relating to loaning staff to an attest client.

April 21, 2022

Audit quality indicators show importance of tone at the top

A survey of audit quality indicators performed by the AICPA reveals the most important factors in helping CPA firms perform quality audits.

April 15, 2022

PCAOB updates requirements on auditing accounting estimates, using specialists

The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.

April 1, 2022

How the war in Ukraine affects auditors’ responsibilities

Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.

March 29, 2022

Audit transformation: Automation is one small step in the journey

Learn how data-driven audits can help identify and mitigate risks and why tech tools that automate rote tasks are just one part of the evolution of auditing in this podcast episode with transcript.

March 23, 2022

Proposal would supersede auditing standard for group audits

The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.

March 17, 2022

Not-for-profit audits in a remote world, plus IRS news

Learn how the abrupt shift to remote work affected not-for-profit audits and how they’re coping now, plus the latest news, in this podcast episode with transcript.

February 7, 2022

Proposal would amend auditing standard for compliance audits

The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.

February 4, 2022

Clarified peer review standards approved by Peer Review Board

The AICPA Peer Review Board approved guidance that is designed to make peer review guidance for CPA firms and peer reviewers easier to read, understand and apply.

February 1, 2022

Embracing technology in the audit

Firms and practitioners are using digital tools to provide more value to clients.

January 31, 2022

PCAOB seeks input on plans for new advisory groups

The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.

January 25, 2022

Audit quality stable amid pandemic, audit committee members say

Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.

January 12, 2022

Profession intensifies diversity efforts with new CAQ initiative

The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.

January 1, 2022

A refreshed focus on risk assessment

Audit firms may have to change some processes in response to a new standard and pandemic-fueled changes to the environment.

December 16, 2021

ESG assurance opportunities likely to grow for CPA firms

Companies may need more rigorous assurance on environmental, social, and governance data as regulatory obligations emerge. CPA firms are poised to deliver.

December 8, 2021

Audit tips for a pandemic-changed environment

Auditors have a lot to think about as clients experience supply chain disruptions, staff shortages, and new processes and procedures. Here’s what firms need to focus on in this challenging environment.

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.