Audit

  • IFIAR Survey: Audit Problems a Global Concern

    By:
    CHRIS GAETANO
    |
    Apr 29, 2014
    According to a worldwide survey released on April 10 by the International Forum of Independent Audit Regulators (IFIAR), public company and bank audits around the globe are plagued by deficiencies in critical areas, heightening concerns about how well auditors are fulfilling their role in providing assurance on financial statements. The findings echo the results of the organization’s previous survey, conducted in 2012, which came largely to the same conclusion. 
  • Board approves proposed change to audit requirement

    By:
    ROBERT BUSWEILER
    |
    Apr 11, 2014
    The NYSSCPA’s Board of Directors voted on March 20 to drop from its bylaws a requirement that the Society change the firm that audits the organization every four years. It also voted to update language in its rules related to its auditor’s independence.
  • Expanded Audit Report Proposal Raises Litigation Concerns

    By:
    CHRIS GAETANO
    |
    Apr 8, 2014
    Though the Public Company Accounting Oversight Board (PCAOB) believes that a proposal for major revisions to the standard audit report it released last August will provide investors with better, more actionable information, critics of the plan are expressing concern that the changes will significantly expand legal costs, by creating more areas of attack for potential plaintiffs. 
  • PCAOB chair says board won’t push on audit rotation

    By:
    CHRIS GAETANO
    |
    Mar 10, 2014
    During a Feb. 5 budget meeting with the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB) said that it was abandoning its efforts to mandate that public companies rotate audit firms every few years. 
  • NYSSCPA reaffirms stance on revived PCAOB naming measure

    By:
    Chris Gaetano
    |
    Feb 12, 2014
    In a comment letter published on Feb. 4, the NYSSCPA roundly criticized a revived effort by the Public Company Accounting Oversight Board (PCAOB) to require auditors to disclose the names of their engagement partners, as well as the names, locations and participation of any other experts who assisted the audit, in the audit report. 
  • PCAOB chief auditor calls for greater skepticism, better controls

    By:
    CHRIS GAETANO
    |
    Feb 11, 2014
    During a presentation at the Foundation for Accounting Education’s SEC Conference on Jan. 23, Martin Bauman, chief auditor and director of professional standards for the Public Company Accounting Oversight Board (PCAOB), expressed concern about what he described as a lack of professional skepticism and poor internal control audits. 
  • A fresh look at NYC TC309 certification

    By:
    RICHARD J. KORETO
    |
    Jan 14, 2014
    Almost exactly a year ago, the NYSSCPA’s Real Estate Committee and the AICPA Auditing Standards Board worked with the New York City Tax Commission to align one of the city’s real estate forms—TC309, Accountant’s Certification—with the AICPA’s Statement on Auditing Standards (SAS) 122, Clarification and Recodification. The three groups worked out a compromise, as outlined in an article in the January 2013 Trusted Professional. 
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