Audit standards

The Institute of Internal Auditors has enhanced its International Professional Practices Framework, which has provided internal auditors worldwide professional guidance in various forms since 1947, in response to more recent risks, while also releasing a report on the current pulse of the internal audit profession.

The Public Company Accounting Oversight Board has issued a paper examining potential changes to standards involving the use of specialists by auditing firms and is looking for public comments.

The Institute of Internal Auditors has released nine new and updated practice advisories that provide guidance to internal auditors and chief audit executives on sustaining a comprehensive quality assurance and improvement program.

The Financial Accounting Foundation has released its 2014 annual report, which focuses on its recently released strategic plan.

The Public Company Accounting Oversight Board has issued a communication to audit committees known as an Audit Committee Dialogue, promising it will be the first in a series to provide insights from inspections of public company auditors that may be helpful to audit committee members in their oversight of auditors.

The Financial Accounting Standards Board issued for public comment Wednesday a proposed accounting standards update that would defer the effective date of its new revenue recognition standard by one year.

Members of the International Forum of Independent Audit Regulators agreed in principle on the text of a multilateral arrangement for exchanging information about audit firms during a meeting in Taipei.

The International Ethics Standards Board for Accountants has revised its ethics code to improve the independence provisions for auditors.

The International Auditing and Assurance Standards Board has released a revised International Standard on Auditing that encourages auditors to thoroughly read through a company’s annual report when auditing, as it provides critical information to the auditor and is ultimately beneficial to the public interest.

The Public Company Accounting Oversight Board has sanctioned five current and former partners and employees of the auditing firms L.L. Bradford & Company, LLC in Las Vegas and Samyn & Martin in Kansas City, Mo., for violating PCAOB requirements for auditor independence, audit partner rotation, and audit planning and performance.

The Public Company Accounting Oversight Board has approved the reorganization of its auditing standards to help users navigate the standards more easily.

Kara Stein, a commissioner with the Securities and Exchange Commission, appeared to reject the need for convergence with International Financial Reporting Standards in a speech last week.

The Public Company Accounting Oversight Board has scheduled a meeting for next Tuesday where it will vote on adopting a reorganization of auditing standards.

Financial reports that incorporate assumptions aren’t worth a dime for actually reducing uncertainty.