Quiz: How well do you know the risk assessment standard?
The risk assessment standard provides a baseline for the successful planning and conducting of an audit. Take this quiz to find out how well you understand the basics of risk assessment.
Performing an Audit
Audit evidence standard would be updated under proposal
The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.
ASB enhances communication in auditors’ reports
The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.
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.
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.
Strategies for quality work in single audits
Careful testing and thorough documentation are among the keys for quality single audit performance described by Laurie De Armond, CPA, in her summary of observations from the AICPA Not-for-Profit Industry Conference.
Why are we still auditing on-site?
This article explores reasons for remote auditing.
How to improve audit planning effectiveness and efficiency
Attention to the right details during planning can save time and enhance audit quality.
PCAOB expands auditors’ reporting duties
Auditor’s reports will provide more information to financial statement users under new rules.
Audit documentation: Tips for getting it right
Steer clear of three common misconceptions about documentation that can derail an otherwise high-quality audit.
7 steps to planning a successful not-for-profit audit
This column offers tips to help make year-end financial statement audits more effective and less challenging.
11 tips for success with single audits
As a new regulation takes effect for single audits, practitioners need to plan carefully, and test and document skillfully as they perform this specialized work for clients.
PCAOB issues staff guidance for firms naming engagement partner
The Public Company Accounting Oversight Board issued staff guidance for firms filing the new Form AP, which is for disclosing the names of engagement partners and other firms participating in public company audits.
SEC approves PCAOB rule for naming engagement partner
Audit firms will be required to disclose the name of the engagement partner and information about other firms participating in audits under a PCAOB rule that was approved by the SEC.
IAASB issues summary financial statement audit reporting guidance
New auditor reporting guidance related to an engagement to report on summary financial statements audited by that same auditor has been issued by the International Auditing and Assurance Standards Board.
PCAOB approves rule for naming audit engagement partner
The PCAOB voted to approve a new rule that will require disclosure of the name of the engagement partner and other participating firms on a form that will be made public on the board’s website.
PCAOB to vote on naming engagement partner
The PCAOB plans to meet next week to vote on a final standard that would create a new form naming the engagement partner on public company audits as well as other firms that participated in the audit.
Pay attention to nonfinancial measures when performing audits
Nonfinancial data can be just as important as dollars and cents when detecting fraud.
How to perform high-quality EBP audits
Employee benefit plan audits require specialized training and present significant regulatory risk. Following certain best practices can help practitioners deliver high-quality audits.
Can auditors expand assurance to meet investors’ needs?
Joe Ucuzoglu, CPA, chairman and CEO of Deloitte’s U.S. audit practice, says expanding assurance opportunities would increase the value auditors provide.
