Audit & assurance news and resources -- Journal of Accountancy

TOPICS

September 1, 2019

SEC addresses auditor independence

The amendments focus rules on lending relationships that affect objectivity.

September 1, 2019

Audit evidence standard would be updated under proposal

Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard.

September 1, 2019

Convergence with international standards sought for SSARSs

In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.

August 28, 2019

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

Under a proposal issued by the AICPA Auditing Standards Board, AU-C Sections 800, 805, and 810 would be aligned with the changes introduced by new auditor reporting standards.

August 22, 2019

PCAOB issues staff guidance on auditing estimates, specialists

The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.

August 22, 2019

ASB addresses challenges in auditing accounting estimates

A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.

August 21, 2019

Determining materiality for nonquantitative subject matters

Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.

August 6, 2019

The benefits of a ‘decomposed’ approach to group audit planning

New research performed with the help of the AICPA’s Assurance Research Advisory Group has provided new insights on ways to improve quality in group audits.

August 1, 2019

The risk suite: This teenager can mitigate liability angst

Since their issuance in 2006, the risk assessment standards have often been a source of confusion. Here’s how to work with them.

August 1, 2019

ASB seeks alignment of materiality definitions

The effect on practice is expected to be minimal.

August 1, 2019

Eliminating biases that jeopardize audit quality

Recognizing and overcoming cognitive biases can help practitioners deliver higher quality in their engagements.

July 10, 2019

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

The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.

July 2, 2019

Advocacy update: Testifying on the ERISA audit process

The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.

July 1, 2019

5 missteps to avoid when evaluating internal controls

An understanding of a client’s controls is essential for determining the extent of testing necessary for completion of a successful audit.

July 1, 2019

ASB enhances communication in auditors’ reports

The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.

July 1, 2019

Highlights of internal audit research

Academic research reveals perceptions of the internal auditing function, ways to reduce audit delays, how small businesses use continuous auditing technology, and more.

June 20, 2019

SEC addresses auditor independence and the Loan Provision

The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.

June 20, 2019

Audit evidence standard would be updated under proposal

The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.

June 19, 2019

Convergence with international standards sought for SSARSs

A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.

June 11, 2019

A refined approach to auditing accounting estimates

Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.

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.