News

Auditors are expected to comply with the requirements in AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, in conducting financial statement audits.

The Board of the Financial Accounting Foundation (FAF) today announced it is seeking nominations for a new member of the Financial Accounting Standards Board (FASB).

American Institute of CPAs president and CEO Barry Melancon spoke Wednesday about changes at the Internal Revenue Service and Congress, the prospects for the upcoming tax season, the evolving CPA licensing model, recruiting young people to the profession and more during a wide-ranging presentation to the Accountants Club of America.

The AICPA Professional Ethics Executive Committee (PEEC) has approved revisions to the AICPA Code of Professional Conduct related to compliance audits.

Sara DeSmith has headed PwC's Sustainability Assurance practice for eight years now, a tenure that takes her back to a time when many finance executives potentially in her purview didn't know what ESG stood for.

At last month's AICPA & CIMA Conference on Current SEC and PCAOB Developments, the director of the PCAOB's Division of Registration and Inspections offered a pep talk of sorts to public company auditors, along with some New Year's resolutions.

The Internal Revenue Service audited fewer taxpayers last year, according to a new report, although audits of millionaires ticked up slightly.

The chief economist of RSM US, Joe Brusuelas examines the prospects for recession, and what accountants should be paying attention to on behalf of their clients.

Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, Audit Evidence, which took effect on Dec. 15, 2022.

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that extends the period of time preparers can utilize the reference rate reform relief guidance.

The Financial Accounting Standards Board (FASB) today today announced the availability of the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”). The FASB also is making available the 2023 DQC Rules Taxonomy (DQCRT), which together with the GAAP Taxonomy, are collectively referred to as the “FASB Taxonomies.”

FASB made several tentative board decisions Wednesday related to its project on the disclosure of cryptoassets, and the board agreed to create an exposure draft for a related Accounting Standards Update.

During a discussion of disclosures for board leadership structure and risk oversight at the AICPA & CIMA Conference on Current SEC and PCAOB Developments, Cicely LaMothe, CPA, called out a pattern her division had seen while calling for what the division wants to see.

The percentage of audits found to have deficiencies during PCAOB inspections is expected to increase approximately 25% year-over-year, according to a board staff report released Thursday.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of nine new members to the Financial Accounting Standards Advisory Council (FASAC).

The PCAOB has issued proposed new standards for quality control (QC) systems and opened the 394-page document for public comment.

The PCAOB pushes for harsher enforcement while the SEC urges audit firms to "apply an appropriate fraud lens throughout the audit."

Proposed changes to the standard are designed to provide a reference framework for auditors when making judgements about audit evidence throughout the audit.

Countless companies, not-for-profits, and government agencies are facing the prospect of needing a single audit or similar compliance audit as a result of receiving COVID-19 relief funding.

A tentative board decision by FASB would use fair value to measure certain cryptoassets in financial reporting.