The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
Audit & Assurance
A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.
In an effort to boost audit quality, the AICPA Peer Review Program is monitoring for instances where firms misunderstand the risk assessment standards. Data suggests that auditors need to devote more attention to assessing the risk of material misstatement and designing appropriate procedures.
Practitioners can provide services to clients related to cybersecurity beyond their financial statement auditing role, according to a newly published report from the Center for Audit Quality.
How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.
The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.
Disclosures around oversight of cybersecurity risk by audit committees are increasing in public company proxy statements, according to a yearly analysis released by the Center for Audit Quality and Audit Analytics. But other disclosures have leveled off in recent years.
Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).
Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, provides practitioners more flexibility for performing agreed-upon procedures engagements.
A proposed standard by the AICPA Auditing Standards Board is designed to enhance auditors’ processes for identifying and responding to the risks of material misstatement in financial statements.
Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.
The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.
The effective response by public company auditors during the coronavirus pandemic has helped maintain the public’s faith in the capital markets, Center for Audit Quality Executive Director Julie Bell Lindsay said.
Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.
Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.
The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, NOCLAR, and accounting estimates.