Audit & assurance news and resources -- Journal of Accountancy

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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.

June 5, 2019

ASB seeks alignment of materiality definitions

The definition of materiality used in the AICPA Professional Standards would be aligned with that of U.S. regulators under proposals issued by the AICPA Auditing Standards Board.

June 1, 2019

How we successfully implemented AI in audit

A partner at Garbelman Winslow CPAs describes the Maryland firm’s experience using machine learning to improve its audit process.

June 1, 2019

Ask the expert: Education

Roger O’Donnell leads the Global Audit D&A initiative and currently serves as the lead engagement partner for several multinational companies.

May 16, 2019

4 key steps for auditors in assessing technology risks

The business risks associated with new technology seem almost endless. But a new resource can help auditors, management and audit committees discharge their responsibilities associated with those risks.

May 14, 2019

How a lease with an attest client affects independence

A new AICPA interpretation provides guidance for when a lease with an attest client impairs independence. This significant revision to the independence rules takes effect soon.

May 10, 2019

A new opportunity for auditors to communicate

Auditors’ reports will provide additional information, including a “Basis for Opinion” section in all reports, under a new standard issued by the AICPA Auditing Standards Board. Learn more about the new requirements, which include updates related to going concern.

May 8, 2019