News

The Institute of Internal Auditors is repositioning to embrace areas like environmental, social and governance reporting and other issues.

Auditors had to quickly find ways to adapt to continue to add value, just as our clients were also changing their operations. The silver lining is that in learning how to adapt, we have changed the profession for the better. We’ve proven that remote auditing works.

As a result of U.S. Department of Health and Human Services (HHS) coronavirus relief funding, numerous for-profit health care entities will need a single audit, a program-specific audit, or a financial audit under Government Auditing Standards (known as a GAGAS financial audit).

What accountants want is the right data at the right time, to, for example, complete an efficient, timely and accurate audit, or help their clients manage compliance and regulatory changes. Having the tools to quickly mine and interpret this data are essential.

Last week at the inaugural IFRS Sustainability Symposium in Montreal, the International Sustainability Standards Board (ISSB) wrapped up deliberations on its first two sustainability standards aimed at creating a global baseline, announcing plans to release IFRS S1 and IFRS S2 in June with an effective date of January 2024.

Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased (32%) or stayed the same (66%) over the past year.

Meet Joel Black, Chair of the Governmental Accounting Standards Board and Richard Jones, Chair of the Financial Accounting Standards Board.

During its December 2021 meeting, the Governmental Accounting Standards Board (GASB) approved the addition of a major project on going concern uncertainties and severe financial stress and pre-agenda research activity on subsequent events as part of its technical plan for the first third of 2022.

The business environment amid the COVID-19 pandemic has meant significant changes in the risks and results auditors consider and test during their engagements.

The bill requires CPAs to keep work product and workpaper related to work for a client for at least seven years after creation unless the law requires a longer retention. Current law only specifies that CPAs must retain workpaper as required by law.

Deciding on the best audit approach isn’t a cookie-cutter process. While a long-standing relationship with a client or in-depth industry knowledge can give auditors a leg up, defining an effective audit approach requires careful consideration and planning for every engagement.

Meet Alan Skelton, Director of Research and Technical Activities for the Governmental Accounting Standards Board and Hillary Salo, Director of Technical Activities and Chair of the Emerging Issues Task Force for the Financial Accounting Standards Board.

The PCAOB released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks.