Auditing Standards

A&A

KPMG Insider Trading Scandal Latest Blow to Accounting Industry's Reputation

The insider trading scandal that has engulfed KPMG LLP, causing it to resign as auditor at two companies and fire a partner, contributes to the negative image the public accounting industry gained due to its role in the run-up to the 2008 financial crisis.
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A&A

PCAOB Issues Proposal for Reorganizing Auditing Standards Topical Structure

On March 26, the Public Company Accounting Oversight Board (PCAOB) announced it is proposing a framework for reorganizing the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system.
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A&A

PCAOB to Consider a Proposal for the Reorganization of Auditing Standards

The Public Company Accounting Oversight Board (PCAOB) has scheduled an open meeting for 9:30 a.m. on Tuesday, March 26, to consider issuing for public comment a proposal for the reorganization of PCAOB auditing standards.
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A&A

PCAOB Report Says PwC Failed to Remedy Audit Shortcomings

The PCAOB last week released its quality-control criticisms of audits conducted by PricewaterhouseCoopers contained in the board's March 25, 2009, and August 12, 2010, inspection reports.
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A&A

PCAOB Announces Investor Advisory Group Members

The Public Company Accounting Oversight Board (PCAOB) announced March 1, 2013, twenty new and reappointed members of its Investor Advisory Group (IAG). These members will serve three-year terms ending in October 2015.
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A&A

PCAOB Gives Audit Firms a Mixed Review

The PCAOB issued a cautiously optimistic report on US auditors' performance, saying the Board found a reduced rate of "significant audit performance deficiencies" compared to its last review in 2007; however, the Board did note that problems persist.
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A&A

AICPA Releases New Financial Instruments Auditing Guide

The AICPA recently released an updated guide that aids auditors in assessing the fair value of financial instruments. The publication is based on new standards resulting from the AICPA's Clarity Project.
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A&A

House Panel Critical of PCAOB's Economic Analyses

A US House panel is investigating whether the Public Company Accounting Oversight Board (PCAOB), the nation's chief public company audit overseer, is doing enough to incorporate economic factors into new regulations it is proposing.
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A&A

AICPA Amends Guidance on Component Auditors

The AICPA has released SAS No. 127, Omnibus Statement on Auditing Standards–2013, which amends two sections of SAS No. 122, Statements on Auditing Standards: Clarification and Recodification.
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A&A

Kudos International Network

Kudos is a new, quality-based, international network of accountancy practices, specifically targeted at small and midsized accountancy practices. Member firms must adhere to strict quality procedures that will enhance the services they provide their clients.
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A&A

Auditing Standard No. 16 and Amendments to Other Standards Approved by SEC

The PCAOB has announced that the SEC approved Auditing Standard No. 16, "Communications with Audit Committees," and amendments to other PCAOB standards.
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A&A

CAQ Statement on PCAOB Report, ICFR Inspection Findings

The CAQ has issued a statement from Executive Director Cindy Fornelli regarding the release of the PCAOB's report on inspection findings related to audits of internal control over financial reporting.
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A&A

PCAOB Board Member Sees Hurdles for Mandatory Firm Rotation

Speaking to reporters at the AICPA Conference on Current SEC and PCAOB Developments, PCAOB board member Jay Hanson said implementation of mandatory audit firm rotation was unlikely.
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A&A

Going Concern Guidance To Be Brought into GAAP

The Financial Accounting Standards Board (FASB) voted at its November 7, 2012, meeting to adopt a financial reporting model for management's assessment of going concern and related disclosures.
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A&A

PCAOB's Sixth Annual International Auditor Regulatory Institute

The Public Company Accounting Oversight Board hosted nearly eighty representatives of auditor oversight bodies from thirty-seven foreign jurisdictions last week during its sixth annual International Auditor Regulatory Institute.
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A&A

IIA Approves Revised Standards

The Institute of Internal Auditors has issued revisions to the International Standards for the Professional Practice of Internal Auditing that will go into effect January 1. The standards are mandatory under the IIA's International Professional Practices Framework.
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A&A

PCAOB Hears Views on Mandatory Firm Rotation

At the third public meeting on auditor independence and audit firm rotation held October 18, panelists and speakers examined the PCAOB's 2011 concept release on ways to enhance auditor independence, objectivity, and professional skepticism.
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A&A

CAQ October 24 Webcast on New PCAOB Standard

The Center for Audit Quality will be hosting the "Communications with Audit Committees: Requirements and Leading Practices" webcast, which will examine the PCAOB's new Auditing Standard 16, "Communications with Audit Committees."
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A&A

PCAOB October Public Meeting Agenda

The PCAOB has announced the panelists and schedule of appearances for its October 18 public meeting in Houston. Topics include ways to enhance auditor independence, objectivity, professional skepticism, and firm rotation.
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A&A

Auditor Evaluation Tool for Audit Committees Launched

Seven organizations have joined to launch a new tool to assist audit committees in performing an annual evaluation of an external auditor in order to make an informed recommendation whether to retain the auditor.
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Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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