Audit & assurance news and resources -- Journal of Accountancy

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August 17, 2016

AICPA proposes modifying peer review reports, firm representation letters

Peer review reports would be modified to clearly indicate if a single audit was selected under a proposal issued by the AICPA Peer Review Board.

July 22, 2016

SEC’s Schnurr recovering from bike crash; Bricker takes interim role

Following Chief Accountant James Schnurr’s serious bicycle crash, the SEC has named Wesley Bricker interim chief accountant. Bricker will handle the chief accountant duties during Schnurr’s recovery.

July 13, 2016

ASB proposes performance requirements when auditors are involved with exempt offering documents

Exempt offerings include, but are not limited to, private placement offerings, exempt public offerings, municipal securities offerings, and franchise offerings.

July 6, 2016

ARSC proposes amending standard on reviews of financial statements

The AICPA Accounting and Review Services Committee proposed certain necessary revisions to correct requirements and guidance related to reporting on supplementary information in its standard on reviews of financial statements.

July 5, 2016

ASB proposes to supersede going concern auditing standard

An exposure draft issued by the AICPA Auditing Standards Board proposes to supersede the current standard on the auditor’s consideration of an entity’s ability to continue as a going concern.

July 1, 2016

PCAOB warns against altering audit documentation

The board reacts to evidence of improper changes.

July 1, 2016

PCAOB considers an update for audit inspections

Deficiencies have dipped for large firms.

July 1, 2016

Firms to disclose engagement partners under PCAOB rules

The SEC approves the requirement for public company audits.

July 1, 2016

PCAOB refines auditor’s reporting model proposal

The board wants audit reports to be accessible.

July 1, 2016

Audit data standards proposed for inventory subledger account

Standardization is designed to make the audit process more efficient.

July 1, 2016

Nurturing the human element

Through a global career progression framework and real-time feedback, PwC is attempting to develop and retain talent in the hopes of continuing to improve audit quality.

June 28, 2016

PCAOB issues staff guidance for firms naming engagement partner

The Public Company Accounting Oversight Board issued staff guidance for firms filing the new Form AP, which is for disclosing the names of engagement partners and other firms participating in public company audits.

June 1, 2016

PCAOB seeks feedback in first-of-kind standard review

Post-implementation assessment asks how well AS 7 has worked.

June 1, 2016

PCAOB proposes new approach to multifirm audits

Standards update aims to unify lead auditors’ work with ‘other auditors.’

June 1, 2016

PCAOB gets budget increase of nearly 3%

The SEC approves the funding plan in a 2—1 split.

June 1, 2016

Auditing Standards Board caps clarity project with attestation standards

SSAE 18 establishes performance and reporting requirements.

June 1, 2016

ASB interpretation guides auditor reporting

The board addressed audits conducted in accordance with GAAS and ISAs.

June 1, 2016

IAASB guides auditors on summary financial statement reporting

The amendments are designed to provide more transparency.

May 17, 2016

Audit data standards proposed for inventory subledger account

Voluntary audit data standards proposed by the AICPA Assurance Services Executive Committee are designed to enable more efficient and effective exchange of information between companies and auditors.

May 11, 2016