Audit standards

The American Institute of CPAs has released a new standard that provides guidance to auditors about their responsibilities when auditing securities exempt from registration under the Securities Act of 1933 and franchise offerings known as exempt offerings.

Starting last month, audit firms must now disclose the names and locations of other auditors participating over a certain percentage of the audit of public companies.

The Public Company Accounting Oversight Board is continuing to uncover problems with auditor independence during recent inspections of auditors of brokers and dealers.

Auditing firms will be required to disclose the names of other firms that participated in an audit, starting Friday.

Auditors are increasingly taking responsibility for fraud detection and cybersecurity at companies, whether they like it or not.

The Public Company Accounting Oversight Board’s recently proposed rules on auditing accounting estimates and using the work of specialists indicate the PCAOB wants auditors to view management bias more skeptically.

Fifteen years after passage of the Sarbanes-Oxley Act, companies are still finding the costs of compliance heavy in terms of both dollars and man hours, according to a new report.

The new model includes discussion of 'critical audit matters,' the length of the auditor's tenure, and new standardized language and formatting.

The Institute and their Assurance Research Advisory Group (ARAG) will provide up to $15K of funding to winners.

The Public Company Accounting Oversight Board is planning to hold an open meeting next Thursday, June 1, to consider adopting a long-discussed set of changes to the auditor’s reporting model.