In Brief Machine learning provides the potential for significant improvements in audit speed and quality, but also entails certain risks. The authors provide a general…
FASB News Staff Document to Ease Hurdles on Accounting for Lease Concessions On April 10, FASB published a staff document that addresses four questions companies…
“Those who cannot remember the past are condemned to repeat it.” —George Santayana Public criticism of the accounting profession is intense. Users of financial statements…
In Brief Examinations or audits of an organization's quality control assurance system (QCAS) are not presently required, despite the fact that defective products or services…
About the Panelists Ron Hauben, JD, vice chair and general counsel at Ernst & Young LLP; Claudius B. Modesti, JD, partner at Akin Gump Strauss Hauer & Feld…
ICYMI | The Importance of Audit Partners’ Background
Insights from the New PCAOB Form AP
Public company audit partners are trusted as watchdogs of the capital markets. A forthcoming study by the authors of this article finds that audit partners'…
In Brief Many companies have increasingly turned to the reporting of non-GAAP measures, which fall outside the realm of generally accepted accounting principles and must…
Reporting Critical Audit Matters
A First Look
About the Panelists Lisa Smith, managing director of quality and professional practice at Deloitte & Touche LLP; Megan Zietsman, CPA, the chief auditor and director of professional standards,…
Operating against a backdrop of global volatility and economic uncertainty, with business and regulatory risks becoming more complex and challenging, audit committees will need to…
In Brief What does the future hold for public company auditing in the United States, and what are the implications for professionals, regulators, and educators?…
About the Panelists Brandon Brown, CPA, CISA, managing director of the risk and financial advisory group at Deloitte & Touche LLP; Jeremy Goss, CPA, audit partner, banking and…
The Myth of Auditor Independence
Waking Up to Unconscious Bias
The AICPA Code of Professional Conduct requires that members in public practice be objective, free of conflicts of interest, and independent in fact and appearance…
ICYMI | The PCAOB as Third-party Payer
A Proposal to Address Concerns over Public Company Auditor Independence
The idea of introducing a third-party payer into the auditor-client relationship has received some attention from regulators, academics, and accounting firms in recent years. Years…
Reforming the Auditing Profession
Improving Quality, Transparency, Governance, and Accountability
In Brief Independent audits of public company financial statements are a cornerstone of the global financial system. Recent events, however, demonstrate that these audits are…
About the Panelists Beverly Bahlmann, CA(SA), deputy director at the IAASB; Bob Dohrer, CPA, CGMA, chief auditor at the AICPA; Shawn P. O'Brien, CPA, senior consultant for business development in…
Keynote Address: William D. Duhnke III
Annual Auditing Conference at Baruch
Currently, the PCAOB is in the middle of a significant change. As many of you know, I joined the PCAOB just under two years ago.…
The Next Generation of Internal Audit
Harnessing Value from Innovation and Transformation
The forces of innovation and technological advancement continue to transform business. CPAs and finance professionals, as the scorekeepers of commerce, are looking for ways to…
There will be no shortage of activity in the tax landscape in 2020, and with the upcoming presidential and congressional elections, tax-related issues may dominate…
Analytical procedures have been part of the audit process for decades, but many auditors fail to understand their objectives or how these procedures should be…
ICYMI | Questioning the Effectiveness of Independent Audit Committees
Does the Current Regulatory Regime Improve Reporting Quality?
In Brief At the root of over a decade of regulation and best practices is the premise that the structure and independence of a company’s…
About the Panelists Wesley Bricker, chief accountant at the SEC's Office of the Chief Accountant; Kyle Moffatt, chief accountant at the SEC's Division of Corporation Finance; and Matt Jacques, chief…
ICYMI | Fraud in a World of Advanced Technologies
The Possibilities are (Unfortunately) Endless
In Brief For many years, internal controls have been the focus of auditors' risk assessment as they seek to attest that the control environment is…
Fraud in a World of Advanced Technologies
The Possibilities are (Unfortunately) Endless
In Brief For many years, internal controls have been the focus of auditors' risk assessment as they seek to attest that the control environment is…
Machine Learning in Auditing
Current and Future Applications
In Brief Machine learning provides the potential for significant improvements in audit speed and quality, but also entails certain risks. The authors provide a general…
The Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2017, delivered sweeping changes to the federal tax code. These changes brought…
Attest services rendered to not-for-profit (NFP) entities provide assurance to stakeholders as to the quality of the financial condition, results of operations, and internal controls…
To Audit or Not to Audit
Whether to Accept a Uniform Guidance Audit
For many public accounting firms, the client acquisition decision often follows a common cost-benefit analysis; beyond the consideration of additional revenue generated, scheduling constraints, opportunity…
A New York sales tax audit can be a grueling experience. The rules are complex, and it often comes down to the records, which are…
New Revenue Recognition Guidance and the Potential for Fraud and Abuse
Are Companies and Auditors Ready?
In Brief Now that FASB's new revenue recognition standard is effective, it is worth considering how well the guidance meets the goals originally set by…
Failure Study
A Needed Addition to the Accounting Toolkit
“Those who cannot remember the past are condemned to repeat it.” —George Santayana Public criticism of the accounting profession is intense. Users of financial statements…