Audit standards

The board has a new leader, Erica Williams, after its new chair was sworn in Monday by the Securities and Exchange Commission in a virtual ceremony.

The board is surveying stakeholders about easing the audit requirements for less complex companies, while beefing them up for more complicated structures.

The updates are mostly technical, but some cover remote-work arrangements for some seconded employees during the pandemic.

The Public Company Accounting Oversight Board is regrouping with a slate of new board members recently appointed by the Securities and Exchange Commission, and it approved its fiscal year 2022 budget during a rare open meeting on Tuesday.

The Securities and Exchange Commission has appointed longtime SEC official Erica Y. Williams as the new chair of the Public Company Accounting Oversight Board, and named three new members.

The institute released a new standard to help auditors assess the risks of material misstatement.

The board staff issued guidance on some of the considerations auditors should have about the relevance and reliability of information they get from external sources and plan to use as audit evidence.

The board has issued a supplemental call on its proposals surrounding lead auditors’ responsibilities.

The American Institute of CPAs has released a set of questions and answers to help auditors of benefit plan financial statements deal with this complex field and a revised standard.

With two rounds of implementation behind us, it’s time to reflect on what we’ve learned so far from the required disclosures of critical audit matters.

Sustainability reporting standards, as well as assurance services to verify that reporting, vary widely across jurisdictions and individual practitioners and require better standardization.

The International Auditing and Assurance Standards Board issued two new implementation guides Monday for its recent quality management standards.

The institute's Auditing Standards Board amended its standards Tuesday to include guidance in two areas.

The Center for Audit Quality released an alert Monday discussing the audit considerations surrounding a private company entering the public markets through a merger with a special purpose acquisition company.

The International Ethics Standards Board for Accountants has revised its ethics standards to safeguard auditor independence for non-assurance services and associated fees.

The memorandum of understanding with the Vietnam Ministry of Finance aims to advance the internal audit profession in Vietnam.

The new SAG replaces the board's two previous advisory bodies.

Audit committee chairs may not be fully able to grasp certain detailed comments from the PCAOB or respond appropriately on behalf of the company.

Like most financial instruments, special purpose acquisition companies present risks and rewards, and require due diligence from accounting firms to help avoid landmines.

The American Institute of CPAs is proposing to revise its quality management standards to take a more risk-based approach targeted at the types of engagements performed by the CPA firm.