These tips can help practitioners as they audit financial statements of clients affected by the coronavirus pandemic.
Audit & Assurance
Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.
The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
A link exists between communication about money and relationship stress. Learn more about that tie-in in this express version of the Journal of Accountancy podcast.
With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.
Learn what CPA firms can and cannot do to assist those who defend auditors against professional liability claims.
The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.
The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.
With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.
The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.
The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
New PCAOB requirements for communicating critical audit matters give practitioners an opportunity to provide additional transparency to financial statement users. A Center for Audit Quality study shows how auditors are delivering this information.
Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.