Audit preparation

Pilot tests at public companies suggest the new reporting requirements may take more time than expected.

Amendments are being added to three sets of standards for special-purpose, single and summary financial statements.

The Public Company Accounting Oversight Board issued four documents explaining the new rules.

The move comes amid worries that firms are letting their clients off the hook too readily.

Auditing firms that tend to find material weaknesses in companies’ internal controls are seen as less attractive in the audit market, according to a new study.

AICPA chief auditor Bob Dohrer shares new developments in the rules around audit evidence, key audit matters for non-public clients, and much more.

The Public Company Accounting Oversight Board released two new documents and a video to provide more information to investors and audit committees about the CAMs requirements.

International consulting firm Protiviti has released the 15th annual edition of “Internal Auditing Around the World”, providing insights of internal audit leaders on digital initiatives across industries globally.

The American Institute of CPAs’ Auditing Standards Board has issued a proposed standard on audit evidence to update an older standard and include new technologies such as data analytics and blockchain.

Many audit teams are neglecting to implement new technologies that could reduce the time needed for SOX audit requirements.

PricewaterhouseCoopers was fined 4.55 million pounds by the U.K.’s accounting watchdog over failings in its handling of technology firm Redcentric.

The Public Company Accounting Oversight Board has published guidance from its staff on how auditors can communicate critical audit matters in their audit reports.

The firm said the fine should be just a fraction of that size, at 1.4 million pounds.

Auditing quality seems to be improving somewhat internationally, although there’s still a lack of consistency, according to a new report.

The United Kingdom’s Financial Reporting Council has fined KPMG’s U.K. firm £5 million (discounted through a settlement to £4 million, or about $5.2 million) for its fiscal year 2009 audits of the Co-operative Bank.

The Public Company Accounting Oversight Board has posted a preview of its inspection staff’s observations from 2018, describing some of the main deficiencies it uncovered for auditing firms, along with ways to improve audit quality.

In a slow first quarter, the Big Four firm racked up a commanding position.

The United Kingdom’s Financial Reporting Council also 'severely reprimanded' the firm, as well as two partners.

AICPA chief auditor Bob Dohrer dives deep into the new requirement for reporting critical audit matters in the auditor's report, including recent guidance.

The United Kingdom’s Competition and Markets Authority has issued a long-awaited report calling for separation of audit from consulting services, mandatory “joint audits” and regulatory powers to increase the accountability of audit committees.