Audit

More than half of compliance officers believe they don’t have enough resources to carry out their function adequately, and nearly a third say their auditing and monitoring process is insufficient, according to a new survey.

The Securities and Exchange Commission is exempting filers with less than $100 million in revenue from the requirement for an attestation of their ICFR by an outside auditor.

The American Institute of CPAs has debuted SOC for Supply Chain, a risk management reporting framework that CPAs can use to provide assurance services as they face risks in their supply chain ranging from coronavirus to trade to other threats.

The American Institute of CPAs updated its auditor reporting standards to conform them with recently issued auditing standards.

Audit firms need to make sure their business makes sense — and that their clients' does, too.

Who are the casualties of the SEC’s aggressive enforcement?

As with 2018, mergers made a major difference for many auditing firms – but not all.

The American Institute of CPAs will begin offering SOC for Supply Chain, a new assurance framework, this month, to help business clients have more confidence around the viability of their global supply chain in the midst of threats like the coronavirus.

PricewaterhouseCoopers is adding a third external director to its board, former SEC commissioner Troy Paredes, and establishing an Assurance Quality Advisory Committee where the firm will bring in more outside voices to help improve its audits.

A professional review of a company’s accounts payable data can yield significant benefits.

Leaders of the Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a joint statement Wednesday about the impact of the coronavirus on audit firms trying to operate in China.

The Financial Reporting Council issued guidance Tuesday about the disclosure of risks surrounding the coronavirus, and is discussing with audit firms whether the virus will affect their ability to review audits in China.

The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022.

The International Federation of Accountants has released a set of recommendations for achieving high-quality audits as regulators around the world push for more thorough audits to avoid accounting scandals.

Financial revisions and restatements are indicators of audit quality, but they are far from the only ones.

A slow quarter for the biggest firms saw lots of small gains for smaller auditors.

The Internal Revenue Service has convinced nearly 80 percent of the taxpayers who received settlement offers after engaging in micro-captive insurance schemes to accept the settlement terms it recently offered them. But there are still thousands of other taxpayers who will be facing examinations.

Auditors need to provide value beyond the compliance function.

Denmark’s business watchdog said it has brought two auditors before a disciplinary board after concluding they violated regulations while reviewing Danske Bank A/S, the lender caught up in Europe’s biggest money laundering scandal.

A bill stuck in Congress might help improve audit oversight.