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The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.
The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.
Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.
Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.
Remote audit procedures, which have gained in popularity in recent years because of technological advancements, may provide options for auditors in this environment.
A relief period of up to 45 days from PCAOB inspections will be available to audit firms that request relief. Firms that wish to use all or part of the 45-day period can reach out to their designated PCAOB inspections point of contact.
The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.
The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.
The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.
The AICPA Auditing Standards Board issued new guidance that is intended to align the AU-C 800 series with the board’s new standard on auditor reporting.
Auditors need to evaluate new processes and controls in determining whether clients and companies are complying with FASB’s new lease accounting standard.
Take this quiz to find out what kind of guidance auditors can provide without compromising their independence.
The AICPA's Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.
The AICPA Auditing Standards Board has issued guidance for practitioners performing verification or performance examination engagements pursuant to the Global Investment Performance Standards.
Audit quality is improved when firm leaders personally model the exemplary behaviors that they say they value, according to a new study backed by the AICPA Assurance Research Advisory Group.
Here’s how auditors can prepare themselves for this work, and what they need to explain to audit committees as they incorporate analytics into engagements.
Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.
An SEC proposal is designed to amend rules that indicate auditor independence breaches in situations when no substantial threat to independence exists.
Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.
The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections.
RESOURCES
Keeping you informed and prepared amid the coronavirus outbreakWe’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.
VIDEO
Excel walk-through: SparklinesWant to liven up your spreadsheets with some color and graphical elements? Kelly L. Williams, CPA, Ph.D., shows how to use Excel sparklines, which illustrate data trends and patterns via small charts that fit in a single Excel cell.