Audit standards

The Public Company Accounting Oversight Board will be looking out for some major risk areas at audit firms in the months ahead.

Two alerts spotlight some potential risks facing firms during the 2017 audit cycle.

A staff alert highlights the board’s requirements for auditors, among other things.

The collection includes and audit, performance and accounting standards checklist software.

The Public Company Accounting Oversight Board wants to hear more comments about a proposal to strengthen its existing requirements for a lead auditor's use of other auditors and impose a more uniform approach.

The American Institute of CPAs’ Accounting and Review Services Committee has published an exposure draft of a proposed standard on procedures for attestation engagements, while its Financial Reporting Executive Committee has issued working drafts of some of its industry-specific guidance for various industries.

The Public Company Accounting Oversight Board released a document Wednesday offering information about the main areas its inspectors are looking at during its visits to auditing firms this year.

The U.S. Chamber of Commerce and a group of 27 other major corporations and business trade associations have sent a letter to the Securities and Exchange Commission urging the SEC not to finalize the Public Company Accounting Oversight Board’s proposed changes to audit reports.

The American Institute of CPAs has extended the comment period for its proposed standard for ERISA plan audits for another 150 days.

The Public Company Accounting Oversight Board released a report Friday calling attention to high deficiencies among auditors of brokers and dealers.