Audit preparation

RSM formed an advisory body composed of three independent board members responsible for evaluating quality control and quality management within the firm's assurance practice.

The Public Company Accounting Oversight Board released a staff publication highlighting problems it's seeing with audits of journal entries.

Companies that work with auditors who have more industry experience but charge more than competitors offering "lowball" fees tend to save more money in the end.

The average audit fee increased to $3.01 million in 2023, up from $2.83 million in the previous cycle, according to a new report.

Auditing firms appear to be making headway on fixing some of the problems identified by the Public Company Accounting Oversight Board.

The Public Company Accounting Oversight Board will continue its inspection focus on public companies in the financial, real estate and information technology sectors.

The Public Company Accounting Oversight Board is also offering insights on improving audit committee communications and a video on the new confirmation standard.

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The Public Company Accounting Oversight Board voted to adopt new requirements to report on various metrics for the firm and its engagements.

PricewaterhouseCoopers has been focusing on auditing under a new PwC US assurance leader, Deanna Byrne, who began the job in July.

Researchers found that auditors with greater honesty-humility are more likely to prioritize professional integrity and report financial infractions.

The Public Company Accounting Oversight Board released guidance on the remediation process for auditing firms with deficiencies in quality control.

The PCAOB's aggressive enforcement agenda overshadows the profession's achievements.

The unexpected demise of an audit firm proved to be a boon for many small auditors.

Auditor independence is an area of common deficiencies year after year, according to PCAOB inspections.

The Public Company Accounting Oversight Board staff released a report Monday on last year's banking crisis.

KPMG US has established an independent advisory committee to improve its audits amid tougher inspections and enforcement.

A new set of inspection reports of the most frequently inspected firms has been released earlier than usual.

The PCAOB issued its annual report on its audits of brokers and dealers and noted that it's seeing at least one deficiency in 70% of the 103 audit engagements it reviewed in 2023.

Going concern opinions have slowly decreased over the last two decades, with the exception of spikes during the 2008 financial crisis and the years of the COVID-19 pandemic.