Audit standards

The institute has released a guide to help auditors deal with a new standard on assessing the risks of a material misstatement.

The Institute of Internal Auditors is pushing back against part of a proposed new standard on audit confirmations from the Public Company Accounting Oversight Board.

The International Auditing and Assurance Standards Board is asking for feedback on a new section of a proposed auditing standard that would cover group audits of less complex entities.

Plus, the Institute of Internal Auditors expressed serious concerns about a recent board proposal on audit confirmations.

The new standard for audit confirmations would replace an interim standard that hasn't changed for two decades.

As PCAOB inspections in China move forward, U.S. auditors should use caution in engagements with Chinese-based companies.

Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use.

The average number of critical audit matters per audit report has declined over time, while the proportion of audit reports that communicate only a single CAM has increased.

The board levied sanctions and fines totaling $7.7 million against three of KPMG's member firms in the U.K., India and Colombia.

The Institute of Internal Auditors sent a letter to lawmakers urging them to set new requirements for crypto exchanges in the U.S.