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News

The Trusted Professional | NYSSCPA

 
 

Audit

  • TIGTA: IRS Examiners Spent 3 Times as Many Hours Doing Compliance Checks of Tax-Exempt Organizations Since 2020

    By:
    NYSSCPA Staff
    |
    Aug 22, 2024
    The IRS's Tax-Exempt Compliance Unit's examiners have spent almost three times as many hours closing compliance checks since 2020, the Treasury Inspector General for Tax Administration (TIGTA) found.

  • SEC Approves 3 PCAOB Actions Focusing on Auditor Responsibilities

    By:
    NYSSCPA Staff
    |
    Aug 21, 2024
    The Securities and Exchange Commission announced that it approved three three standard-setting and rule-making actions by the Public Company Accounting Oversight Board (PCAOB). Specifically, the SEC approved AS 1000, "General Responsibilities of the Auditor in Conducting an Audit"; changes to PCAOB standards that clarify certain auditor responsibilities when using technology assisted analysis; and amendments to PCAOB Rule 3502, "Responsibility Not to Knowingly or Recklessly Contribute to Violations."

  • PCAOB Annual Report Finds High Deficiency Rates in Audits of Brokers and Dealers

    By:
    NYSSCPA Staff
    |
    Jul 29, 2024
    In its recently released Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers, the  Public Company Accounting Oversight Board (PCAOB) said that it observed “high deficiency rates in examination, review, and audit engagements” when conducting inspecctions in 2023. “These high deficiency rates across engagement types are a cause for significant concern,” the report stated.

  • Report: Number of Going Concern Opinions Decreased by 31% Since 2004

    By:
    NYSSCPA Staff
    |
    Jul 24, 2024
    The number of going concern opinions have decreased by 31 percent over the past two decades, a new report found.

  • PCAOB Strengthens Rule on Accountability for Contributing to Firm Violations

    By:
    S.J. Steinhardt
    |
    Jun 14, 2024
    The Public Company Accounting Oversight Board (PCAOB) voted unanimously to expand liability for individuals involved in firm violations, changing the liability threshold from recklessness to negligence. It also proposed tighter rules around one of the ways auditors gather evidence to detect financial misstatements.

  • At Conference, SEC and FASB Officials Discuss Need to Prioritize Integrity

    By:
    S.J. Steinhardt
    |
    Jun 10, 2024
    Audit firms need to be viewed as prioritizing high-quality audits and staff and partner integrity, top officials at the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) told a conference last week.

  • Center for Audit Quality Asks PCAOB to Extend Comment Period for Two Proposed Standards

    By:
    S.J. Steinhardt
    |
    May 23, 2024
    In a comment letter, the Center for Audit Quality (CAQ) asked the Public Companies Oversight Accounting Board (PCAOB) to extend its comment period for two proposed standards: Firm and Engagement Metrics and Firm Reporting. The CAQ also recommended "that the PCAOB delay sending the 19b-4 filing to the Securities and Exchange Commission (SEC) on standards QC 1000 and AS 1000—both of which the PCAOB approved on May 13—by at least 45 days.
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