Auditing

A&A

PCAOB Backs New Auditing Standard on Related Parties

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.
A&A

Auditing Special Purpose Frameworks - Part 11: Overview of the Pre-Engagement Planning Process

Here is a table that provides a chronological approach to pre-engagement planning for audits of special purpose and other reporting frameworks. Future articles will present further details.
A&A

Auditing Special Purpose Frameworks - Part 10: Planning and Performing the Audit

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.”
A&A

Auditing Special Purpose Frameworks - Part 9: Clarified Auditing Standard

CPA Larry Perry provides a step-by-step approach to performing small audits of financial statements prepared using special purpose frameworks.
A&A

Auditing Special Purpose Frameworks - Part 7

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.
A&A

Auditing Special Purpose Frameworks - Part 6

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."
A&A

Auditing Special Purpose Frameworks - Part 5

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."
A&A

Auditing Special Purpose Frameworks - Part 4

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."
A&A

Auditing Special Purpose Frameworks - Part 3

The last article in this series summarized four basic principles for the income tax basis. Other basic principles for this basis are presented in this article.
A&A

Here Are the Changes to the Single Audit Requirements for 2014

On December 26 the feds finalized changes to the Single Audit requirements. I am writing to give you a quick heads up about how the changes could affect auditors.
A&A

PCAOB Report Highlights Deficiencies in Broker-Dealer Audits

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.
A&A

CAQ Develops Resource on Audit Quality Reporting

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.
A&A

CAQ and AAA Auditing Section Announce Inaugural Awards

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.
Practice

Auditors Must Make a Positive First Impression

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.
A&A

Complying with the Foreign Corrupt Practices Act

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.
Tax

TIGTA Says IRS CAP Program Works But Needs Additional Assessment

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.
A&A

Internal Auditors Finding New Ways to Add Value in Expanded Role

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.
A&A

Research Finds Internal Auditors Must Reach for New Heights or Risk Losing Relevance

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.
A&A

ParenteBeard Reveals "Seven Deadly Sins of Audit Committees"

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.
A&A

Ruling Extends SOX Whistleblowing Protections

Following a recent ruling by the US Department of Labor's Administrative Review Board, accounting firms that do work for public companies may be far more vulnerable to whistleblowing claims under SOX.

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