Audit

  • CPAs Expect Audits to Come with Bigger Price Tags under New PCAOB Rule

    By:
    Chris Gaetano
    |
    Oct 3, 2017

    More time, more risk and more expense—this is what auditors expect will be the effect of a recent Public Company Accounting Oversight Board (PCAOB) measure expanding the standard auditor’s report. Under the rule, formally approved by the board on June 1, the standard auditor’s report will include, among other things, the communication of “critical audit matters (CAM),” or information that the PCAOB believes investors and other users would find relevant.

  • Bill Would Require Small Firms with Attest Clients to Undergo Peer Review

    By:
    Ruth Singleton
    |
    Aug 15, 2017

    A bill (S6026A/A7895A) that would require mandatory peer review for all CPA firms in New York state that do attest work was passed in the Senate and Assembly in June and now requires only Gov. Andrew Cuomo’s signature to become law.  The Society advocated for passage of the act, which eliminates an exemption from mandatory peer review for firms with two or fewer CPAs, in order to protect the public interest by ensuring best practices among all CPA firms that perform audits. 

  • 15 Years Later, Does SOX Still Matter?

    By:
    Chris Gaetano
    |
    Aug 2, 2017

    Signed into law 15 years ago, on July 30, 2002, the Sarbanes-Oxley Act (SOX) transformed the public accounting arena in significant ways. From mandatory internal controls testing to regular inspections from the Public Company Accounting Oversight Board, SOX introduced changes that today are seen as the standard features of any worthwhile audit. But now, a decade and a half later, lawmakers and business leaders have questioned the legacy of these changes and, indeed, are seeking to roll some of them back. 

  • Eroding auditor independence a concern for PCAOB member

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    Major accounting firms have been moving away from traditional tax and audit services and into consulting and advisory services to boost earnings. In recent years, consulting has become a significant source of revenue for some firms. For Steven B. Harris, a member of the Public Company Accounting Oversight Board (PCAOB), a well-documented shift from audit services toward consulting services for revenue raises concerns about auditor independence. 

  • New York State Medicaid Chief to Keynote Healthcare Conference Thursday

    By:
    Maya Lindsay
    |
    Sep 22, 2015
    Jason Helgerson, the state’s Medicaid chief, will be the keynote speaker at the NYSSCPA's 2015 Health Care Conference on Thursday, Sept. 24 at the Society’s 14 Wall Street office. Helgerson is expected to share insights on the state’s new Delivery System Reform Incentive Program (DSRIP), a key feature of the effort to lower New York’s $53 billion in Medicaid spending—the second highest of any state in the country—while also holding healthcare providers more responsible for improved service.
  • PCAOB Looks for Middle Ground in New Plan to Name Audit Partner

    By:
    Chris Gaetano
    |
    Aug 7, 2015
    The Public Company Accounting Oversight Board (PCAOB) is trying a new tack in its years-long effort to make available the names of audit engagement partners, as well as information about other accounting firms that participate in the audits of public companies: It wants to create a special form solely for those disclosures that firms would file with the regulator within a month after they file audit reports with the U.S. Securities and Exchange Commission (SEC).
  • DOL Moves to Take EBP Audit Standards Setting from AICPA

    By:
    Chris Gaetano and Colleen Lutolf
    |
    Jul 28, 2015

    The U.S. Department of Labor (DOL) is calling for federal legislation that would allow the U.S. Secretary of Labor to establish standards for employee benefit plan (EBP) audits, as well as require additional education for the CPAs who perform them. The call comes after a recent agency study found that 39 percent of EBP audits contained major deficiencies. The study, issued in May, examined 400 of the 81,162 EBP audits filed by approximately 7,300 firms in 2011. Audits were categorized by the size of a firm’s employee benefit plan audit practice, which the DOL pointed out was not necessarily reflective of the size of the firm overall.

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