Audit

The Public Company Accounting Oversight Board issued a Spotlight publication Monday containing some observations and reminders for auditing firms about relying on outside service providers for electronic audit confirmations.

The service is outmatched in resources and expertise when it audits some of the largest companies in the country, the agency’s top official said.

The IIA is repositioning to embrace areas like environmental, social and governance reporting and other issues.

A Munich court opened a class-action style procedure to hear cases brought by investors who claim EY violated its duties when auditing the now bankrupt payment company.

The board is reportedly making progress on talks with Chinese authorities on enabling access to inspections of local firms.

China and the U.S. should be able to reach an agreement on the auditing dispute, according to a senior executive at China’s top investment bank.

The Committee of Sponsoring Organizations of the Treadway Commission released a new paper Wednesday on uniting COSO’s enterprise risk management framework with “agile” practices in internal auditing and other functions.

The Internal Revenue Service has been increasing its tax audits of the lowest-income wage earners to keep its overall audit numbers from declining, according to a new report.

The Big Four have concluded that business ties to the country are untenable in the wake of its invasion of Ukraine.

The board censured PricewaterhouseCoopers’ Canadian firm and imposed a $750,000 penalty, saying over 1,200 employees shared answers to tests during mandatory training courses.

The record number of companies going public through special purpose acquisition companies and initial public offerings last year could be facing some extra hurdles when it comes to Sarbanes-Oxley rules.

Remote audits have allowed teams to increase efficiencies in the execution of the work.

The Securities and Exchange Commission eased up dramatically on accounting and enforcement activity last year during a period of transition at the SEC, but the Public Company Accounting Oversight Board increased its enforcement amid a shakeup at the PCAOB.

Baker Tilly and Deloitte also had good quarters at the end of 2021.

There are a host of current and potential implementations for artificial intelligence — but a lot of its role in the profession is still being figured out.

Deloitte & Touche chair and CEO Lara Abrash has been watching the Big Four firm’s audit practice changing over the past two years.

Under a commission proposal, funds’ financial statements would need to be audited at least annually.

The collapse of U.K. builder Carillion four years ago is now threatening to inflict more than reputational damage on its former auditor, KPMG.