Audit standards

As PCAOB inspections in China move forward, U.S. auditors should use caution in engagements with Chinese-based companies.

Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use.

The average number of critical audit matters per audit report has declined over time, while the proportion of audit reports that communicate only a single CAM has increased.

The board levied sanctions and fines totaling $7.7 million against three of KPMG's member firms in the U.K., India and Colombia.

The Institute of Internal Auditors sent a letter to lawmakers urging them to set new requirements for crypto exchanges in the U.S.

Auditing firms can expect enhanced inspections, strengthened enforcement and higher penalties, says Public Company Accounting Oversight Board Chair Erica Williams.

The Public Company Accounting Oversight Board proposed significant changes in the requirements for firms' QC systems, modernizing standards in place for decades.

A recent study found that when municipal governments are assigned a random auditor, versus one they appoint themselves, financial performance improves.

Officials from the two boards discussed their work on upcoming auditing and accounting standards as they adjust to changing agendas and expectations.

Many companies have benefited from federal government relief programs and will be subjected to single audits for the first time.

The International Auditing and Assurance Standards Board is looking for feedback on updating one of its fundamental standards.

The Public Company Accounting Oversight Board has named Barbara Vanich as its chief auditor after she served as acting chief auditor for nearly two years.

The Public Company Accounting Oversight Board has again rejiggered its standard-setting and research agendas, adding three new projects.

The board is asking for public input on modernizing standards, which is one of the key goals for its draft strategic plan.

EY Americas vice chair John King discusses the impact and history of one of the most influential pieces of financial legislation of the past 50 years. 

Some of the standards were inherited two decades ago from the AICPA and don't take into account ever-changing technology.

PCAOB sanctions Canadian firm over noncooperation with inspections

The board sanctioned the Big Four firm's member firm in South Korea and two of its former auditors for violating quality standards.

The board aims to modernize standards, enhance inspections, strengthen enforcement and improve organizational effectiveness.

Gary Gensler has been encouraging the PCAOB to update more of the standards to take into account the way firms are working today.