In 2015, the Department of Labor issued an audit quality study, “Assessing the Quality of Employee Benefit Plan Audits,” which concluded that 39% of audits…
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that…
ICYMI | How Many Engagement Inspections Is Too Many?
Streamlining the Scope of Quality Control Inspections
The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
As noted by the PCAOB in its Release 2017-001: “there are situations in which an auditor may be required by law or regulation, or voluntarily…
Identifying Deficiencies in Single Audits
Preparing for the Audit Quality Study
In Brief Under its Single Audit Quality Study, the Office of Management and Budget will soon be reviewing single audit engagements. To help auditors enhance…
Has the DOL Pushed the ASB Too Far?
Push Back—Now!
In April 2017, the AICPA's Auditing Standards Board (ASB) issued an Exposure Draft Proposed Statement on Auditing Standards (the ED) entitled “Forming an Opinion and…
Federal and state governments have developed the Unemployment Insurance Program, which provides unemployment benefits to certain workers who are not working through no fault of…
Much has changed since the PCAOB began its inspection program in 2004. In just the last 10 years, the number of auditing firms registered with…
Webcast on Proposed Guidance for Grants, Contributions
FASB/PCAOB/AICPA News
FASB News Webcast on Proposed Guidance for Grants, Contributions On September 11, FASB plans to hold a webcast to explain its proposed guidance for not-for-profit…
How Many Engagement Inspections Is Too Many?
Streamlining the Scope of Quality Control Inspections
The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
The Changing Landscape of Financial Reporting
Taking Stock and Looking Forward
Wesley Bricker I think it is fitting to talk about the importance of our shared work in the public interest here at Baruch College, in…
Focus To Shift From New Standards To Improving Communication
IASB, PCAOB News
IASB News Focus to Shift from New Standards to Improving Communication Now that the IASB has finished its “big four” accounting standards—leases, revenue, insurance, and…
In their article, “Have Audits Become Too Inefficient and Expensive?” (The CPA Journal, February 2016, pp. 18-23), Arthur Radin and Miriam Katowitz have explored an…
Five Tips for School District Audits
Making the Grade
Auditing governmental entities is an important industry niche for many accounting professionals, and school districts are the largest category of state and local entities in…
Government-Contracted Contingent Fee Auditors
Do Conflicts of Interest Threaten the Tax System’s Integrity?
In Brief State and local governments' use of auditors paid on a contingent fee basis for taxpayer audits has drawn criticism because of the conflicts…