Audit

  • GAO Gives Facelift to Government Audit Standards, Clarifies Key Points

    By:
    Chris Gaetano
    |
    Dec 14, 2018

    In July, the U.S. Government Accountability Office (GAO) released its latest revision of Generally Accepted Government Auditing Standards (GAGAS)—also called the Yellow Book—which supersedes the 2011 version. Yellow Book standards are used for audits of governmental agencies, usually on the federal level, as well as for audits of the private entities that contract with them. Susan M. Barossi, chair of the NYSSCPA’s Government Accounting and Auditing Committee, said that the major difference between the 2011 and 2018 versions involves presentation.

  • PCAOB Now Pilot Testing Its Impending Requirements for Disclosure of Critical Audit Matters

    By:
    Ruth Singleton
    |
    Dec 5, 2018

    Last year, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard that will significantly expand the auditor’s report, requiring auditors to disclose any “critical audit matters” (CAMs) that they encounter during their audits. With the implementation dates of this new standard fast approaching, the PCAOB has been working with companies conducting “dry runs” of the standard.

  • Society to Transfer Peer Review Administration to Pennsylvania Institute in March

    By:
    Ruth Singleton
    |
    Dec 12, 2017

    On March 15, 2018, the NYSSCPA will hand off its peer review administration responsibilities to the Pennsylvania Institute of CPAs (PICPA). As of that date, the PICPA will become the administering entity (AE) for New York state CPA firms that are required to undergo peer review, meaning all firms that perform attest services, as well as firms that include members of the American Institute of CPAs (AICPA) and perform work for which that organization requires peer review.

  • What Sole Proprietors and Small Firms Need to Know About the New Peer Review Law

    By:
    Colleen Lutolf
    |
    Nov 16, 2017
    Now that Gov. Cuomo signed the peer review bill into law on Oct. 23, firms with two or fewer CPAs that provide attest services to clients and want to continue to provide them will need to undergo a peer review every three years.
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  • 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. 

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