PCAOB staff provides insight on critical audit matters
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.
Auditing
Changes related to peer review proposed for UAA
A state-by-state effort could follow.
ASB changes align GAAS with PCAOB standards
The AICPA’s Auditing Standards Board (ASB) voted to issue a new auditing standard, Omnibus Statement on Auditing Standards — 2019.
PCAOB strengthens rules for auditing estimates, supervising specialists
A new standard emphasizes professional skepticism.
IAASB aims to enhance engagement quality reviews
The International Auditing and Assurance Standards Board has proposed new rules designed to ensure that engagement quality reviews maintain their effectiveness.
Employee benefit plan auditing rules to change
A new standard includes a revised report format for ERISA engagements.
A new framework for audit quality disclosures
A new framework designed by the Center for Audit Quality can help firms develop their audit quality disclosures and provide transparency to the public.
Changes related to peer review proposed for UAA
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.
ASB changes align GAAS with PCAOB standards
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.
6 tips for developing critical audit matter disclosures
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.
PCAOB strengthens rules for auditing estimates, supervising specialists
The PCAOB voted to approve a new standard and amendments for auditing accounting estimates, including fair value measurements, and using the work of specialists.
PCAOB to consider rules on auditing estimates, use 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.
SEC urges consistency in non-GAAP reporting
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.
What ‘dry runs’ reveal about critical audit matters
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.
What PCAOB inspectors will look for in 2019
Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.
Agreement gives US CPAs path to Australia, New Zealand audit rights
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.
Employee benefit plan auditing rules to change
The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.
International audit standard addresses estimates
The IAASB is enabling auditors to keep pace with accounting standards changes.
Updated guidance highlights key changes in the auditor’s report
The PCAOB also reported a high rate of deficiencies in broker-dealer audits.
International audit standard addresses estimates
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.
