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Auditing best practices: What academic fraud research reveals

January 20, 2023

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.

  • accounting and auditing

Financial Accounting Foundation Seeks Nominations for Financial Accounting Standards Board Member

January 11, 2023

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).

  • accounting and auditing

Melancon looks ahead to tax season challenges

January 11, 2023

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.

  • accounting and auditing
  • practice management
  • state tax
  • technology and cybersecurity
  • advocacy - federal
  • federal tax

PEEC updates code for compliance audits

January 10, 2023

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

  • accounting and auditing

Addressing ESG: Experts advise action but also patience

January 06, 2023

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.

  • accounting and auditing

Audit tips from PCAOB inspections leader

January 05, 2023

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.

  • accounting and auditing

IRS audit rates declined further in 2022

January 04, 2023

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

  • accounting and auditing
  • federal tax

The economic forecast for accountants

January 02, 2023

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.

  • accounting and auditing
  • business and industry
  • practice management

5 ways firms can use technology to transform audits

December 21, 2022

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.

  • accounting and auditing
  • technology and cybersecurity

FASB defers sunset date of reference rate reform guidance

December 21, 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.

  • accounting and auditing

2023 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy, and DQC Rules Taxonomy Now Available

December 16, 2022

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.”

  • accounting and auditing

FASB set to draft cryptoasset disclosure standard

December 16, 2022

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.

  • accounting and auditing

Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments

December 14, 2022

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.

  • accounting and auditing
  • advocacy - federal

PCAOB report: Audit deficiencies increase in 2021

December 08, 2022

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.

  • accounting and auditing

Financial Accounting Foundation Appoints Nine New Members to the Financial Accounting Standards Advisory Council

December 05, 2022

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).

  • accounting and auditing
  • advocacy - federal

PCAOB proposes new quality control standards

November 21, 2022

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

  • accounting and auditing

Audit Regulators Vow a Tougher Regime

November 12, 2022

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

  • accounting and auditing
  • advocacy - federal

IAASB seeks comments on revised audit evidence standard

October 24, 2022

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

  • accounting and auditing

Resources for organizations requiring an audit related to COVID-19 relief

October 21, 2022

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.

  • accounting and auditing
  • business and industry
  • career resources
  • practice management

FASB moves toward a standard for fair value accounting of cryptoassets

October 19, 2022

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

  • accounting and auditing
  • technology and cybersecurity