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1. ASB issues SAS No. 129 to amend letters for underwriters auditing standard   WebExclusive

BY Ken Tysiac
The AICPA Auditing Standards Board (ASB) has amended its auditing standard on letters for underwriters and certain other requesting parties.The ASB did not originally intend to significantly change or expand AU Section 634, Letters for Underwriters and Certain Other Requesting Parties, when it was redrafted and issued as AU-C Section 920, Letters for Underwriters and Certain Other Requesting Parties, as part of the clarity project.But the ASB issued Statement on Auditing Standards (SAS) No.

2. Restatements dropped after initial post-SOX surge, study shows   WebExclusive

BY Ken Tysiac
The number of restatements announced per year by SEC-registered companies has fallen significantly since the early era of post-Sarbanes-Oxley implementation, according to research released Thursday by the Center for Audit Quality (CAQ).Restatements, which surged in 2005 and 2006, fell to a 10-year low in 2009 and remained relatively low through 2012, according to the research report authored by Susan Scholz, a professor at the University of Kansas.

3. What the PCAOB’s new related-party standard means for auditors   WebExclusive

BY Maria L. Murphy, CPA
A new PCAOB related-party auditing standard may cause audit firms to revise their audit plans and methodologies to ensure that newly required procedures are fully incorporated into all phases of the audit.The PCAOB issued Auditing Standard (AS) No. 18, Related Parties, on June 10 along with amendments to auditing standards in the areas of significant unusual transactions and financial relationships, and transactions with executive officers.

4. PCAOB reaches agreement with audit regulator in Denmark   WebExclusive

BY Ken Tysiac
The PCAOB and Denmark’s audit regulator have entered into a cooperative arrangement for oversight of audit firms in their respective jurisdictions, the PCAOB announced Friday.A framework for joint inspections is provided in the agreement with the Danish Business Authority. The agreement allows for the exchange of confidential information and includes data protection provisions.“This is another step forward in our pursuit of robust international cooperation to help improve audit quality and protect investors,” PCAOB Chairman James Doty said in a news release.The PCAOB has similar agreements with Sweden, Finland, France, Germany, the Netherlands, Spain, and the United Kingdom.

5. Additional ASB interpretations address GASB pension issues   WebExclusive

BY Ken Tysiac
The AICPA Auditing Standards Board (ASB) on Thursday issued two interpretations that are designed to help governmental pension plans, participating employers, and their auditors as they implement new GASB standards. Governmental multiple-employer pension plans and their participating employers are facing numerous accounting and auditing issues as a result of GASB pension standards for state and local governments released in 2012.

6. PCAOB staff provides guidance for broker-dealer auditors   WebExclusive

BY Ken Tysiac
The PCAOB staff on Thursday issued new guidance for SEC-registered auditors of brokers and dealers as they make the transition to PCAOB standards from the generally accepted auditing standards (GAAS) that previously governed such audits. The staff guidance highlights relevant requirements for audits and attestation engagements. It also provides direction on applying PCAOB standards to these engagements, particularly for audits of smaller broker-dealers with operations that are not complex.

7. CAQ’s field-testing yields further recommendations to auditor’s reporting model   WebExclusive

BY Neil Amato
Field-testing by the Center for Audit Quality (CAQ) of proposed changes to the auditor’s reporting model yielded four key observations related to the identification of “critical audit matters.”The CAQ expressed support for the PCAOB’s effort to update the auditor’s reporting model. The CAQ said in a news release Friday that it hoped the results of field-testing by public company auditors would “provide valuable insights” to the PCAOB.

8. PCAOB approves new related-party auditing requirements   WebExclusive

BY Ken Tysiac
New PCAOB rules approved Tuesday are designed to strengthen auditors’ scrutiny of related-party transactions and significant unusual transactions.Auditing Standard No. 18, Related Parties, requires the auditor to perform specific procedures to evaluate a company’s identification of, accounting for, and disclosure of the transactions and relationships between a company and its related parties.“These procedures are designed to assist the auditor in identifying and following up on red flags that indicate potential risks of material misstatement,” PCAOB Associate Chief Auditor Brian Degano said during Tuesday’s board meeting.Degano said the standard requires the auditor to:Perform specific procedures to obtain an

9. PCAOB to consider new rules for auditing related-party transactions   WebExclusive

BY Ken Tysiac
The PCAOB will meet Tuesday to consider adopting rules that would create new audit procedures that an auditor should perform when examining a company’s transactions with related parties or significant unusual transactions.Board members have sought comment twice on related-party proposals and are considering a standard and amendments to PCAOB rules that would be designed to revise auditor performance requirements in areas that could pose significant risks of material misstatement in company financial statements.The PCAOB reproposed the standard on May 7, 2013, after reviewing comments made on the board’s original proposal from Feb.

10. GASB pension reporting: How to obtain and audit key numbers   WebExclusive

BY Ken Tysiac
State and local government employers who participate in multiple-employer defined benefit pension plans—and the governments’ auditors—may have difficulty obtaining data required by GASB’s new pension standards to prepare employer financial statements and auditing such information. GASB Statement No. 67, Financial Reporting for Pension Plans, provides revised guidance for the financial reporting of most governmental pension plans and
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