The new guidance adopted on Tuesday focuses on related-party transactions, significant unusual transactions, and a company’s financial relationships and transactions with its executive officers – key factors in many financial reporting frauds.
The effectiveness of an auditor’s planning process ultimately determines the efficiency with which an engagement can be performed. Following is an outline of some of the initial steps in planning an engagement, called the “preplanning phase.”
The foundation for a cost-beneficial audit strategy is an auditor’s knowledge of the principles in a reporting entity’s applicable financial reporting framework, the framework selected and used in its financial reporting system.
In the newest installment of his series, CPA Larry Perry looks at how lease accounting and income tax accounting differ within US GAAP and the American Institute of CPAs "Framework for Small- and Medium-Sized Entities."
The fifth installment in this series looks at how investments, fair value accounting, and derivatives differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
To continue laying the foundation of principles for commonly used financial reporting frameworks, this article presents how key issues differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
Officials from the Public Company Accounting Oversight Board (PCAOB) said on August 19 that deficiencies were found in all sixty of the broker-dealer audits conducted by audit firms that the PCAOB inspected last year – and in 95 percent of the individual audits selected for inspection.
The CAQ released a "Resource on Audit Quality Reporting" to highlight some important elements of audit quality US audit firms could consider in refining or developing their own reporting regarding their public company audit practice.
The CAQ and the AAA Auditing Section announced four awards as part of a new program designed to facilitate accounting and auditing academics' ability to obtain access to audit firm personnel to participate in their research projects.
The majority of our society is familiar with the phrase "You never get a second chance to make a first impression." While the inherent logic of the phrase is apparent, our minds typically associate the phrase only with an initial face-to-face encounter between individuals.
The DOJ and SEC recently published a guide that provides insight into the Foreign Corrupt Practices Act and how the agencies carry out their ongoing fight against corruption within companies throughout the world.
The TIGTA said in a report publicly issued March 26, that the CAP program, a new cooperative effort between the IRS and business taxpayers to conduct real-time audits, is receiving positive feedback, but it may not be cost-efficient.
Chief audit executives (CAEs) are working to expand their roles within their organizations, moving from their traditional focus on compliance to include suggesting ways to improve processes and providing insights that influence strategy, according to a Grant Thornton LLP survey.
On March 18, PricewaterhouseCooper's (PwC) released its "2013 State of the Internal Audit Profession Study." PwC surveyed 1,100 chief audit executives and more than 630 stakeholders worldwide for the company's ninth annual survey on the role of internal auditors.
In an effort to alert companies to common pitfalls encountered by audit committees, ParenteBeard has released its "Seven Deadly Sins of Audit Committees," which are based on research and feedback compiled at the firm's annual Audit Committee Forum.