Audit

The board is surveying stakeholders about easing the audit requirements for less complex companies, while beefing them up for more complicated structures.

When companies suddenly replace their auditing firms, the required SEC disclosures are often vague and may be a signal of a forthcoming restatement, but timing is a crucial factor.

The Center for Audit Quality and the American Accounting Association are making changes to their Access to Audit Personnel research partnership program.

Internal auditors have been forced by COVID-19 to work remotely in large part over the past two years, and that pattern is likely to continue next year.

The Institute of Internal Auditors and the Association of Chartered Certified Accountants have signed a three-year renewal of their existing agreement.

The updates are mostly technical, but some cover remote-work arrangements for some seconded employees during the pandemic.

The SEC said it would begin identifying companies that are using non-inspected auditors.

Some expressed concerns about lower levels of enforcement, while one suggested the board suffered from a credibility gap.

KPMG International reported the annual aggregated revenues of its member firms around the world grew 10% to $32.13 billion for the fiscal year ending Sept. 30, 2021.