Government-Contracted Contingent Fee Auditors
In Brief State and local governments’ use of auditors paid on a contingent fee basis for taxpayer audits has drawn criticism because of the conflicts of interest such arrangements create. This article...
View ArticleFive Tips for School District Audits
Auditing governmental entities is an important industry niche for many accounting professionals, and school districts are the largest category of state and local entities in terms of both total funding...
View ArticleThe Rising Cost of Bigger Audits
In their article, “Have Audits Become Too Inefficient and Expensive?” (The CPA Journal, February 2016, pp. 18-23), Arthur Radin and Miriam Katowitz have explored an important topic and offered advice...
View ArticleFocus To Shift From New Standards To Improving Communication
IASB News Focus to Shift from New Standards to Improving Communication Now that the IASB has finished its “big four” accounting standards—leases, revenue, insurance, and financial instruments—it is now...
View ArticleThe Changing Landscape of Financial Reporting
Wesley Bricker I think it is fitting to talk about the importance of our shared work in the public interest here at Baruch College, in particular, which traces its history back to the establishment of...
View ArticleHow Many Engagement Inspections Is Too Many?
The inspection process is a critical part of any audit firm’s accounting and auditing quality control (QC) system. The lack of precise guidance in the QC standards of both the AICPA and the PCAOB for...
View ArticleWebcast on Proposed Guidance for Grants, Contributions
FASB News Webcast on Proposed Guidance for Grants, Contributions On September 11, FASB plans to hold a webcast to explain its proposed guidance for not-for-profit entities and some business enterprises...
View ArticleNot All PCAOB Inspections Are Created Equal
Much has changed since the PCAOB began its inspection program in 2004. In just the last 10 years, the number of auditing firms registered with the PCAOB has increased by approximately 37%, 14 auditing...
View ArticleNew York State Department of Labor Unemployment Insurance Tax Audits
Federal and state governments have developed the Unemployment Insurance Program, which provides unemployment benefits to certain workers who are not working through no fault of their own and meet...
View ArticleHas the DOL Pushed the ASB Too Far?
In April 2017, the AICPA’s Auditing Standards Board (ASB) issued an Exposure Draft Proposed Statement on Auditing Standards (the ED) entitled “Forming an Opinion and Reporting on Financial Statements...
View ArticleIdentifying Deficiencies in Single Audits
In Brief Under its Single Audit Quality Study, the Office of Management and Budget will soon be reviewing single audit engagements. To help auditors enhance the quality of the single audits they...
View ArticleReporting on Audits Conducted Under Dual Standards
As noted by the PCAOB in its Release 2017-001: “there are situations in which an auditor may be required by law or regulation, or voluntarily agrees, to perform an audit engagement in accordance with...
View ArticleICYMI | How Many Engagement Inspections Is Too Many?
The inspection process is a critical part of any audit firm’s accounting and auditing quality control (QC) system. The lack of precise guidance in the QC standards of both the AICPA and the PCAOB for...
View ArticleMaintaining Auditor Independence When Giving Accounting Assistance and Advice
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that their audits will likely...
View ArticleTesting Participant Data in Employee Benefit Plans
In 2015, the Department of Labor issued an audit quality study, “Assessing the Quality of Employee Benefit Plan Audits,” which concluded that 39% of audits inspected contained “major deficiencies”...
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