Audit standards

Audit reports contain significant, material information, argues accounting educator J. Edward Ketz.

The Public Company Accounting Oversight Board staff report offered insights into the PCAOB's inspection program for auditors of broker-dealers and issues with professional skepticism and low-ball fees.

The Public Company Accounting Oversight Board also permanently barred a sole practitioner in New York.

The Institute of Internal Auditors' newly updated set of Global Internal Audit Standards takes effect in January 2025.

The International Auditing and Assurance Standards Board is planning to make some minor adjustments in its quality management and global audit standards to align them more closely with international ethics rules for accountants.

Auditor disclosures of client-specific quantitative materiality thresholds, which are required in the U.K. but not the U.S., could be encouraging some businesses to massage their earnings reports.

The board released a staff report outlining its inspections plans and highlighting key risks.

The International Internal Audit Standards Board voted to approve a set of new standards that are expected to be released in January.

The Securities and Exchange Commission approved the board's 2024 budget totaling $384.7 million, up approximately 10%.

2024 will be a demanding year for internal auditors who will be facing new requirements and updated 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Erica Williams described the work the PCAOB has been doing to overhaul out-of-date auditing standards and increase its inspections and penalties.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.