The Center for Audit Quality has released two new member alerts spotlighting some of the potential risks facing audit firms during the upcoming 2017 audit cycle.
The first alert, Select Auditing Considerations for the 2017 Audit Cycle, describes a number of judgmental and complex areas for auditors, including some already identified by the Public Company Accounting Oversight Board in a recent PCAOB Staff Inspection Brief. They include auditor independence, multinational audits, transitioning to new accounting standards, audit areas potentially affected by economic factors, recurring audit deficiencies, financial reporting areas, and disclosure of engagement partner and other participants in audits under PCAOB Rules 3210 and 3211.
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