Audit & assurance news and resources -- Journal of Accountancy

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October 12, 2021

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.

October 7, 2021

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.

October 7, 2021

Peer review: Advancing clarity and remote procedures

An AICPA manager explains the details of a recently issued exposure draft by the AICPA Peer Review Board and how someone can become a peer reviewer.

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 30, 2021

CPAs continue to lead with trust, competence, and integrity

This is the first in an occasional series featuring Sue Coffey, CEO–Public Accounting for AICPA & CIMA, discussing trends affecting the profession.

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.

September 2, 2021

EBP audits set for major changes, more transparency

Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.

August 23, 2021

PCAOB’s Jurata, Zietsman to resign as transition continues

Rebekah Goshorn Jurata and Megan Zietsman said that they plan to resign from the Public Company Accounting Oversight Board on Oct. 1 or the date of appointment of new board members, whichever comes first.

August 19, 2021

ESG assurance an elusive but promising opportunity for auditors

Although just 31 of the S&P 500 companies use public company auditors for environmental, social and governance assurance, increased regulation and investor focus may lead to more opportunities for practitioners in the future.

August 17, 2021

Updated single audit guidance provided by OMB in 2021 Compliance Supplement

Some requirements for single audits were clarified with the issuance of the 2021 Compliance Supplement by the Office of Management and Budget. Some questions remain, though, and OMB is expected to issue two addenda with additional guidance.

August 12, 2021

Single audits: Using Compliance Supplements for success

Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.

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

Why single-audit demand is rising; an update on tax preparer legislation

A CPA shares advice for organizations and practitioners on single audits and why more expertise is needed, and an AICPA vice president explains the reasons behind the organization’s support of a bill recently introduced in the House of Representatives.

July 8, 2021