News
Internal auditors examining sustainability issues
March 15, 2022
The Institute of Internal Auditors is repositioning to embrace areas like environmental, social and governance reporting and other issues.
How Audit is Changing in the Remote World
March 14, 2022
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.
Audits of PRF for-profit funds, other issues discussed in GAQC resources
March 01, 2022
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).
How Data, Innovation Will Power CPAs' Resiliency
March 01, 2022
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.
First global sustainability standards approach the finish line
February 28, 2022
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.
Audit quality stable amid pandemic, audit committee members say
January 25, 2022
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.
Connecticut CPA Magazine Excerpt - The FASB and the GASB: Meet the New Chairs
January 06, 2022
Meet Joel Black, Chair of the Governmental Accounting Standards Board and Richard Jones, Chair of the Financial Accounting Standards Board.
GASB Adds Major Project, Pre-Agenda Research Area to Technical Plan
January 06, 2022
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.
Audit tips for a pandemic-changed environment
December 08, 2021
The business environment amid the COVID-19 pandemic has meant significant changes in the risks and results auditors consider and test during their engagements.
New Record Retention Requirements for Connecticut CPAs
August 18, 2021
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.
Connecticut CPA Magazine Excerpt - Tech-Driven Audit Approach: What You Need to Know
July 12, 2021
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.
Connecticut CPA Magazine Excerpt - The FASB and the GASB: Meet the New Staff Leaders
July 12, 2021
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.
PCAOB details priorities for audit inspections
June 23, 0023
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.