Audit & assurance news and resources -- Journal of Accountancy

TOPICS

December 5, 2019

ASB aligns with other US standard setters on materiality

The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.

December 5, 2019

New standard adds flexibility for agreed-upon procedures

The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.

December 1, 2019

New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

The nonauthoritative guidance addresses recent revisions.

December 1, 2019

Auditors get high marks, but non-US market optimism sags

The profession is seen as honest and independent.

December 1, 2019

Independence and information systems services

A recently issued independence interpretation contains guidance for CPAs’ interactions with attest clients’ information systems.

November 20, 2019

Valuation in spotlight as SEC mulls expanding investment opportunities

The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.

November 12, 2019

Demand for sustainability assurance is growing

Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.

November 6, 2019

How audit committees can improve disclosure

Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.

November 1, 2019

Determining materiality for nonquantitative subject matters

Materiality is a concern for engagements in which measurement is a challenge.

November 1, 2019

ASB addresses challenges in auditing accounting estimates

A new standard would supersede SAS No. 122.

November 1, 2019

PCAOB issues staff guidance on auditing estimates, specialists

The four documents can aid implementation.

November 1, 2019

Proposal would align AU-C 800 series with SAS No. 134

The change is meant to enhance auditor reporting.

October 24, 2019

ASB addresses compliance with GAAS, PCAOB standards

An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.

October 23, 2019

Guidance provided on SAS No. 134 implementation

A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.

October 10, 2019

Sustainability assurance’s link to reporting quality

The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.

October 4, 2019

Critical audit matters: What firms are reporting

The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.

September 24, 2019

New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.

September 18, 2019

Auditors get high marks, but non-US market optimism sags

Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.

September 1, 2019

Advocacy update: Testifying on ERISA audits

An AICPA committee leader testified recently at a public hearing by the Department of Labor’s ERISA Advisory Council, “Beyond Plan Audit Compliance: Improving the Financial Statement Audit Process.”

September 1, 2019

ASB addresses ERISA plan auditor reporting, other information in annual reports

In separate standards, the AICPA Auditing Standards Board (ASB) addressed ERISA plan financial statements and rules for other information in annual reports.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.