Audit & assurance news and resources -- Journal of Accountancy

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April 19, 2016

PCAOB inspectors observe decrease in broker-dealer auditor independence impairments

PCAOB inspectors found fewer independence impairments for auditors of broker-dealers in 2015 compared with previous years.

April 12, 2016

PCAOB proposal would guide lead auditors in supervision of other auditors

The PCAOB’s standards for a lead auditor’s supervision of other auditors would be strengthened under a proposal the board voted to issue.

April 7, 2016

Post-implementation analysis begins for PCAOB engagement quality review standard

The analysis will evaluate whether the PCAOB’s standard for engagement quality reviews helps firms identify significant deficiencies before they issue an audit report.

April 6, 2016

ASB addresses reporting on audits conducted in accordance with GAAS and ISAs

The AICPA Auditing Standards Board addresses the implications for the auditor’s report when an audit is conducted in accordance with both GAAS and ISAs.

April 5, 2016

Inspections show high compliance with PCAOB audit committee communication rules

PCAOB inspectors found that 93% of audits inspected in 2014 showed no failure to comply with the board’s standard on communications with the audit committee.

April 5, 2016

Issuance of attestation standards completes clarity project

SSAE No. 18 is designed to make attestation standards easier to read, understand and apply.

April 1, 2016

Amendments clarify jurisdictional issues in audits

SAS No. 131 addresses reporting requirements.

April 1, 2016

Auditing risks in culture

Internal auditors can help reduce risks by embedding audits of organizational culture into existing audit programs.

April 1, 2016

IIA seeks comment on standards for internal auditors

Changes are proposed to keep pace with evolving demands.

April 1, 2016

Risks of not-for-profit and government audits

The benefits of providing audit services to NFP and government organizations are numerous yet may present unforeseen professional liability risks.

March 28, 2016

IAASB issues summary financial statement audit reporting guidance

New auditor reporting guidance related to an engagement to report on summary financial statements audited by that same auditor has been issued by the International Auditing and Assurance Standards Board.

March 14, 2016

PCAOB gets budget increase of almost 3%

The SEC voted to approve an increase of almost 3% for the Public Company Accounting Oversight Board’s budget for 2016.

March 8, 2016

How to lead an effective internal audit function

Five key traits help leaders of the most effective internal audit functions develop teams that provide effective risk management and an integrated assurance strategy across the organization.

March 7, 2016

International audit regulators seek faster improvement

The rate of deficiencies in audits dropped a bit in the most recent yearly survey compiled by the International Forum of Independent Audit Regulators, who nonetheless are seeking faster improvements in audit quality.

March 3, 2016

How expected credit loss standards will challenge auditors

New financial reporting standards requiring reporting of expected credit losses related to financial instruments are expected to create new challenges for auditors as well as management and audit committees.

March 1, 2016

Kathryn A. Byrne, CPA, CGMA

Kathryn A. Byrne, CPA, CGMA, is a partner and the manufacturing distribution practice leader at WeiserMazars in New York City. On Jan. 1, she started a three-year term as the chair of the International Federation of Accountants Compliance Advisory Panel.

March 1, 2016