How climate risks are reflected in current financial statements
The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.
Audit & Assurance
EBP audits set for major changes, more transparency
Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.
PCAOB’s Jurata, Zietsman to resign as transition continues
Rebekah Goshorn Jurata and Megan Zietsman said that they plan to resign from the Public Company Accounting Oversight Board on Oct. 1 or the date of appointment of new board members, whichever comes first.
ESG assurance an elusive but promising opportunity for auditors
Although just 31 of the S&P 500 companies use public company auditors for environmental, social and governance assurance, increased regulation and investor focus may lead to more opportunities for practitioners in the future.
Updated single audit guidance provided by OMB in 2021 Compliance Supplement
Some requirements for single audits were clarified with the issuance of the 2021 Compliance Supplement by the Office of Management and Budget. Some questions remain, though, and OMB is expected to issue two addenda with additional guidance.
Single audits: Using Compliance Supplements for success
Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.
Audit evolution in action: Part 2
In part 2 of a series, hear or read more about the role of audit data analytics in the continuing transformation of auditing.
Single audit rules clarified for Provider Relief Fund recipients
Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.
Why single-audit demand is rising; an update on tax preparer legislation
A CPA shares advice for organizations and practitioners on single audits and why more expertise is needed, and an AICPA vice president explains the reasons behind the organization’s support of a bill recently introduced in the House of Representatives.
Quality management proposal provides opportunity to consider risks
Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
Vacation and sick pay accruals resulting from the pandemic
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.
Certified professional employer organizations: The first four years
Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.
ASB addresses agreed-upon procedures for asset-backed securities
The AICPA Auditing Standards Board issued a statement of position Wednesday on performing agreed-upon procedures related to third-party due diligence services on rated Exchange Act asset-backed securities.
Audit evolution in action: Part 1
Hear or read the opening of a multipart series on audit transformation. This episode provides an overview of the auditing landscape and more.
ESG assurance: An emerging opportunity for CPAs
As momentum grows for environmental, social and governance disclosures, ESG assurance opportunities are expected to present themselves for CPAs, who currently are performing a small fraction of these engagements in the US.
AICPA, CAQ support SEC’s exploration of climate change disclosures
The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.
Pandemic still complicates going concern disclosures
The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
FinREC addresses EBP revenue recognition implementation
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
New standard addresses investments, specialist matters
A new standard issued by the AICPA Auditing Standards Board provides guidance on auditing the fair value of financial instruments, with a focus on the use of pricing services. The ASB also modernized its standards related to the use of specialists by management and auditors.
Internal audit has pivotal role in ESG reporting
Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.
