Audit standards

The Institute of Internal Auditors announced that its Global Internal Audit Standards officially became effective on Jan. 9.

The Public Company Accounting Oversight Board revoked SS Accounting and Auditing's registration and barred its owner and sole partner for violating rules and quality control standards.

The Public Company Accounting Oversight Board found specific deficiencies in the testing of internal controls and accounting estimates, and in engagement quality reviews.

Auditing firms are asking the SEC to reject the Public Company Accounting Oversight Board's recent standards on firm and engagement metrics and firm reporting.

The PCAOB will be able to address situations in which a registered firm has ceased to exist, is nonoperational, or no longer wishes to remain registered.

In a comment letter, the institute says the board's new requirements could drive smaller auditing firms out of the market.

The average audit fee increased to $3.01 million in 2023, up from $2.83 million in the previous cycle, according to a new report.

Auditing firms appear to be making headway on fixing some of the problems identified by the Public Company Accounting Oversight Board.

Knowing how to distinguish between what is required by standards and what is opinion is crucial for auditors to confidently navigate these reviews and inspections.

The Public Company Accounting Oversight Board is also offering insights on improving audit committee communications and a video on the new confirmation standard.