Journal of Accountancy Large Logo

Search Results

Audit and Attest

Sort by: Show:
Page  1 | 2 | 3 | 4 | 5 >> 

1. Standards revised for reviews, compilations, engagements to prepare financial statements   WebExclusive

BY Ken Tysiac
Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services.The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for accountants in public practice who prepare financial statements for clients.SSARS No.

2. Council vote conforms resolution in AICPA code with revised UAA attest definition   WebExclusive

BY Ken Tysiac
Representatives at the AICPA fall Council meeting Sunday voted to approve changes to the "Council Resolution Concerning the Form of Organization and Name Rule" of the AICPA Code of Professional Conduct that will conform the code to the recently revised definition of attest in the Uniform Accountancy Act (UAA).

3. How to prepare for auditing in a digital world of Big Data   WebExclusive

BY Maria L. Murphy
Rapid changes in technology are a reality of the current business environment. In addition to affecting how business is done, these changes present new challenges to auditors.The internet, cloud computing, and the pervasive use of mobile devices enable auditors to practice in a globally connected environment. Technology can be used to transform auditing and improve audit effectiveness, according to the white paper Reimagining Auditing in a Wired World, published by the Emerging Assurance Technologies Task Force of the AICPA Assurance Services Executive Committee (ASEC).According to the white paper:The profession needs to achieve a “quantum leap” to redesign

4. Regulation, inflation drove audit fees higher in 2013   WebExclusive

BY Ken Tysiac
Regulatory oversight and inflation have played significant roles in the rise in fees U.S. companies paid in 2013 to external auditors, according to new research by Financial Executives International.The 87 public companies participating in the survey reported an average rise in audit fees of 4.5% over the previous year, and paid an average of $7.1 million in audit fees.

5. PCAOB may consider different mechanism for naming engagement partner   WebExclusive

BY Ken Tysiac
The PCAOB may consider a different mechanism for disclosing the name of the engagement partner after a proposal last year raised significant objections from the accounting profession.Some investors have told the PCAOB that placing the name of the principal partner for engagements in public company audit reports would allow financial statement users to research meaningful information about engagement partners and their track records.

6. Auditors still responsible for going-concern evaluation under PCAOB rules   WebExclusive

BY Ken Tysiac
Recent changes to U.S. GAAP do not change public company auditors’ responsibilities for following existing PCAOB standards when considering a company’s ability to continue as a going concern, the PCAOB said Monday.In a staff audit practice alert, the PCAOB said current auditing requirements remain in force in light of FASB’s release in August of a standard defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern.“An auditor’s responsibility to evaluate a company’s ability to continue as a going concern is an important part of the audit,” PCAOB

7. ASB proposes moving content of AT Section 501 into GAAS  

The AICPA Auditing Standards Board (ASB) is proposing moving a section of its attestation standards into generally accepted auditing standards (GAAS).Engagements performed under existing AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, as well as related attestation Interpretation No.

8. PCAOB alert calls for auditors to focus on revenue   WebExclusive

BY Ken Tysiac
The PCAOB on Tuesday urged auditors to focus on the board’s standards for auditing revenue.In Staff Audit Practice Alert No. 12, Matters Related to Auditing Revenue in an Audit of Financial Statements, the PCAOB discusses board requirements for auditing revenue that are relevant to significant audit deficiencies found frequently during inspections.The alert discusses:Testing whether revenue was recognized in the correct period.Evaluating whether the financial statements include the required disclosures regarding revenue.Responding to risks of material misstatement due to fraud associated with revenue.Testing and evaluating controls over revenue.Applying audit sampling procedures to test revenue.Performing substantive analytical procedures to

9. Learn from data to improve audits   CPEDirect

BY The AICPA Peer Review Team
To help audit firms develop more-focused remedies for their accounting and auditing practices, the AICPA Peer Review team has been collecting data since December 2012 on Matters for Further Consideration (MFCs). An MFC form is used by peer reviewers to electronically capture “matters” detected during a peer review that are the most granular level of information indicating accounting and auditing deficiencies.The AICPA Peer Review team is using the data to identify problem areas in order to provide firms with tools to increase audit quality.

10. Audit regulators see positive signs   CPEDirect

BY Ken Tysiac
Jay Hanson and Lewis Ferguson bring different perspectives to their duties as board members of the PCAOB. Hanson, a CPA, has personal experience auditing public companies. Ferguson, a lawyer who specialized in securities and corporate governance matters, brings legal expertise and a global perspective enhanced by his work as chairman of the International Forum of Independent Audit Regulators (IFIAR).During a recent conversation with the JofA at the PCAOB offices in Washington, Hanson and Ferguson shared their perspectives on a variety of issues facing the auditing profession.
Page  1 | 2 | 3 | 4 | 5 >> 
CPE Direct articles Web-exclusive content
AICPA Logo Copyright © 2013 American Institute of Certified Public Accountants. All rights reserved.
Reliable. Resourceful. Respected. (Tagline)