Audit standards

Accounting's most influential share their primary concerns for the profession.

The International Auditing and Assurance Standards Board has unveiled a new standard for auditing smaller businesses and organizations.

The Securities and Exchange Commission voted to approve a new standard for audit confirmations that updates a decades-old standard to recognize the use of technology.

Erica Williams described the work the PCAOB has been doing to overhaul out-of-date auditing standards and increase its inspections and penalties.

The board voted to approve a new budget for fiscal 2024, and revealed it surpassed last year's record amount of fines.

Pentagon officials nonetheless claimed significant progress in tracking its assets and correcting hundreds of deficiencies in its accounts.

The audit overseer hit at least nine different firms, with fines totaling approximately $4 million.

The board has revised its standard-setting, rulemaking and research agendas for the year ahead after a series of unprecedented changes this past year.

The outcomes of this project will provide a clear-eyed vision of how we move the profession forward and collectively elevate the value of internal audit in the years ahead.

George Botic succeeds the commission's longest-serving member, Duane DesParte, whose second term ended Tuesday.