One of the most difficult challenges for some auditors as 2019 comes to an end is maintaining their independence amid the frustration and confusion of their clients over the implementation of FASB’s new revenue recognition standard. CPAs who see their clients struggling want to help, but if they are going to continue auditing a financial […]
PCAOB’s 2020 inspection focus and audit quality tips revealed
The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections, said Wednesday. During a presentation at the AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C., Botic said areas of […]
Wolters Kluwer is #AuditorProud
This year, #AuditorProud day was on Thursday, September 26th. During this primarily social event, auditors from all over the place went to town expressing the value and fun of the audit profession. Thank you to the Center for Audit Quality, a non-profit affiliate of the AICPA, for creating this day. You have successfully provided a […]
Can you rely on your audit tool?
Quality is foundational in everything we need to do as a CPA to be the trusted advisor for clients. That really begs the question, can you really rely on the tools that you use for your audits? This is an important question to ask. If fact, there are two aspects to consider – the content and […]
FASB Proposes Debt Guidance
The FASB proposes debt guidance for public comment. This proposal is intended to improve guidance used to determine whether debt should be classified as a current or noncurrent liability in a classified balance sheet. Stakeholders are encouraged to review and comment on the proposed ASU by October 28, 2019. In January 2017, the FASB proposed debt guidance, which contained […]
Filing Taxes By Extended Deadline-What Have We Learned Since April 15?
The Internal Revenue Service (IRS) predicts that more taxpayers than ever before have chosen to wait to file their 2018 individual tax returns until the October 15, 2019 extended deadline. This is thought to be due to the many changes brought about by the Tax Cuts and Jobs Act and the continuing flow of guidance […]
The ‘no touch’ tax return
The idea of a ‘no touch’ tax return is here, and the reality of it is right around the corner. Furthermore, while you ponder that thought, there are ways to incorporate software in order to accomplish that ‘no touch’ tax return goal. This blog is based on the session, Moving Closer to the No Touch […]
Is Your Audit Practice Evolving or Regressing?
Auditing can be traced all the way back to ancient China, Greece and Egypt. But it wasn’t until the Industrial Revolution that the accounting profession took flight. In a time of such explosive business growth, business people realized that there needed to be a systematic way to detect fraud and enforce financial accountability. Today, the […]
AICPA Proposes Amendments to Incorporate Recent Auditor Reporting Changes
The AICPA has issued the Exposure Draft, Proposed Statement on Auditing Standards: Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134. The comment due date is October 28, 2019. SAS 134 The AICPA issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments […]
AICPA Proposes New SAS on Auditing Accounting Estimates
The AICPA’s Auditing Standards Board (ASB) has issued the Exposure Draft, Proposed Statement on Auditing Standards: Auditing Accounting Estimates and Related Disclosures. The comment deadline is November 22, 2019. The ASB developed the Exposure Draft as part of its Enhancing Audit Quality Initiative project to enhance the auditing standards relating to auditing accounting estimates. As […]