Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.
Materiality is a concern for engagements in which measurement is a challenge.
The change is meant to enhance auditor reporting.
A new standard would supersede SAS No. 122.
The four documents can aid implementation.
An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.
A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.
The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.
The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.
New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.
In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.
Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard.
In separate standards, the AICPA Auditing Standards Board (ASB) addressed ERISA plan financial statements and rules for other information in annual reports.
The amendments focus rules on lending relationships that affect objectivity.
An AICPA committee leader testified recently at a public hearing by the Department of Labor's ERISA Advisory Council, "Beyond Plan Audit Compliance: Improving the Financial Statement Audit Process."
Under a proposal issued by the AICPA Auditing Standards Board, AU-C Sections 800, 805, and 810 would be aligned with the changes introduced by new auditor reporting standards.
The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.
A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.
Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.