Audit

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

Hindering the audit marketplace creates risk for the investing public, says the AICPA's Sue Coffey.

Delivering an invoice for any service, including a tax audit, is a marketing activity, and it cannot be assumed that the client understands the value.

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 traditionally static field of auditing is on the edge of an industry-changing transformation, thanks to artificial intelligence.

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.

While artificial intelligence has intrigued humans for centuries, it was not until the past few years that it has undergone explosive growth in every field.

Companies that work with auditors who have more industry experience but charge more than competitors offering "lowball" fees tend to save more money in the end.

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