How audit committees can improve disclosure
Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.
Auditing
Determining materiality for nonquantitative subject matters
Materiality is a concern for engagements in which measurement is a challenge.
Proposal would align AU-C 800 series with SAS No. 134
The change is meant to enhance auditor reporting.
ASB addresses challenges in auditing accounting estimates
A new standard would supersede SAS No. 122.
PCAOB issues staff guidance on auditing estimates, specialists
The four documents can aid implementation.
ASB addresses compliance with GAAS, PCAOB standards
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.
Guidance provided on SAS No. 134 implementation
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.
Sustainability assurance’s link to reporting quality
The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.
Critical audit matters: What firms are reporting
The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.
New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits
New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
Auditors get high marks, but non-US market optimism sags
Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.
Convergence with international standards sought for SSARSs
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.
Audit evidence standard would be updated under proposal
Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard.
ASB addresses ERISA plan auditor reporting, other information in annual reports
In separate standards, the AICPA Auditing Standards Board (ASB) addressed ERISA plan financial statements and rules for other information in annual reports.
SEC addresses auditor independence
The amendments focus rules on lending relationships that affect objectivity.
Advocacy update: Testifying on ERISA audits
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."
Proposal would align AU-C 800 series with SAS No. 134
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.
PCAOB issues staff guidance on auditing estimates, specialists
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.
ASB addresses challenges in auditing accounting estimates
A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.
Determining materiality for nonquantitative subject matters
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.
