Audit & assurance news and resources -- Journal of Accountancy

TOPICS

November 21, 2017

Attestation guidance for third-party due-diligence services for asset-backed securities

The ASB issued a statement of position providing guidance for attestation engagements related to third-party due-diligence services performed in connection with asset-backed securities.

November 10, 2017

PCAOB identifies 3 areas with most frequent 2016 audit issues

Board inspectors found audit deficiencies most often in three recurring areas and suggested steps firms may want to follow to improve performance in the future.

November 1, 2017

Companies continue to increase transparency of external audit oversight

Investors and other stakeholders continue to gain access to more information about how audit committees choose and oversee external audit firms.

November 1, 2017

4 strategies for efficient, effective audit documentation

Although compliance with audit documentation standards can be a challenge, smart planning, standardized working papers, and other best practices can help practitioners avoid problems.

November 1, 2017

ARSC proposals seek flexibility, harmony

A new attestation service and international issues are addressed in separate proposals.

October 24, 2017

SEC approves PCAOB’s new auditor’s reporting model

The SEC granted unanimous approval to the new auditor’s reporting standard created by the PCAOB.

October 11, 2017

Potential areas of risk for the 2017 audit cycle

An alert published by the Center for Audit Quality discusses some of the more judgmental or complex areas that may be relevant during the 2017 auditing cycle.

October 6, 2017

What to consider when auditing revenue recognition implementation

A new PCAOB alert can help auditors apply the board’s guidance to their clients’ implementation of the new accounting standard.

October 1, 2017

PCAOB urges improvement in broker and dealer audits

The board observed slightly more audit deficiencies in 2016.

October 1, 2017

Cathy Clarke, CPA

Building trust with members of the firm as well as clients is essential for the success of an audit firm’s quality-control system, according to Cathy Clarke, CPA, chief assurance officer for CliftonLarsonAllen LLP in Minneapolis.

October 1, 2017

Cybersecurity: A new engagement opportunity

CPAs who possess the appropriate expertise can perform new consulting and attest services for clients under a recently released AICPA framework. Developing expertise in this area is the key.

October 1, 2017

Key factors correlate with quality in single audits

Performing a small number of specialized audits may lead to nonconformities, a study found.

October 1, 2017

ASB issues standard for auditors involved with exempt offering documents

SAS No. 133 establishes procedures for practitioners.

September 27, 2017

How data-hosting services affect independence

Taking responsibility for hosting an attest client’s data or records impairs a CPA’s independence, according to a new ethics interpretation.

September 26, 2017

PCAOB revises proposal on supervision of other auditors

The PCAOB has revised a proposal that would create a more uniform approach to a lead auditor’s supervision of other auditors from other audit firms.

September 1, 2017

Proposal would pave the way for a new attestation service

A proposal by the AICPA’s ARSC would result in flexibility for practitioners performing and reporting on a procedures and findings service.

September 1, 2017

The importance of audit planning

Often overlooked, the real benefit of audit planning is gained from the process itself.

September 1, 2017

What audit committees need to know about PCAOB’s Form AP

The CAQ has published a new tool.

August 31, 2017

CAQ suggests changes in 2 PCAOB proposals

While supporting PCAOB proposals for new standards on auditing accounting estimates and using the work of specialists, the Center for Audit Quality submitted suggestions for improving the proposals.

August 30, 2017

What PCAOB inspectors are looking for

PCAOB inspectors will focus on several key areas during 2017, including compliance with new audit transparency rules and preparation for new accounting standards.