The auditor’s report is undergoing its biggest change in 70 years, and the Public Company Accounting Oversight Board staff is providing guidance to assist in implementation.
A state-by-state effort could follow.
The AICPA’s Auditing Standards Board (ASB) voted to issue a new auditing standard, Omnibus Statement on Auditing Standards — 2019.
A new standard emphasizes professional skepticism.
The International Auditing and Assurance Standards Board has proposed new rules designed to ensure that engagement quality reviews maintain their effectiveness.
A new standard includes a revised report format for ERISA engagements.
A new framework designed by the Center for Audit Quality can help firms develop their audit quality disclosures and provide transparency to the public.
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.
The AICPA Auditing Standards Board voted to issue a new standard that will more closely align generally accepted auditing standards and the Public Company Accounting Oversight Board’s standards.
New PCAOB rules require disclosure of critical audit matters encountered by auditors during the engagement. Here are some suggestions firms can use to identify critical audit matters.
The PCAOB voted to approve a new standard and amendments for auditing accounting estimates, including fair value measurements, and using the work of specialists.
The PCAOB will meet to consider adopting new rules for public company auditors on auditing accounting estimates, including fair value measurements, and on the use of specialists.
Companies need to adhere to policies and controls that reinforce quality in non-GAAP reporting and KPIs, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.
The new reporting model for public company audits requires practitioners to disclose “critical audit matters” that arise during their work. A new Center for Audit Quality report examines the results of “dry runs” that are designed to help firms develop methodologies for determining and reporting critical audit matters.
Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.
The renewal of a mutual recognition agreement gives qualified U.S. CPAs eligibility to obtain the CA ANZ credential, which is a pathway to obtaining audit rights in Australia and New Zealand.
The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.
The IAASB is enabling auditors to keep pace with accounting standards changes.
The PCAOB also reported a high rate of deficiencies in broker-dealer audits.
A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts.