Securities and Exchange Commission Building, Washington, DC.
Going Concern is doing a great job keeping us all updated on the status of the current felons / former KPMG and PCAOB staff tangled up in the inspection list theft fiasco.
In November 2019, the AICPA published the first of a new semi-annual newsletter, PR Prompts!, designed to help CPAs keep current on peer review news.
The AICPA gave me permission to reprint portions of the newsletter on my blog.
This is the last of six posts to help you stay up to date.
The following comment is quoted verbatim. For ease of reading it will not be set inside quotation marks:
Resources from the AICPA’s Enhancing Audit Quality (EAQ) Initiative
Through the EAQ, the AICPA provides resources and education to help you avoid the most common audit quality issues. Check out their latest resources:
Risk Assessment and Response
In a survey of peer reviewers, over 50% of firms reviewed failed to comply with the risk assessment standards. Access free risk assessment tools, including industry-specific resources, to help you avoid common issues.
Also, watch the EAQ’s ENGAGE conference presentation with methodology providers to learn how to properly apply their methodologies and avoid the areas creating the most challenges for practitioners.
A complete overhaul of the auditor’s report for audits of 12/31/20 financial statements is going to be a very big deal. Please tune in to the new standards!
In November 2019, the AICPA published the first of a new semi-annual newsletter, PR Prompts!, designed to help CPAs keep current on peer review news.
The AICPA gave me permission to reprint portions of the newsletter on my blog.
This is the fifth of six posts to help you stay up to date.
I have looked at this page on the AICPA website. It is quite helpful. If you provide audits to your clients, it would be worth your time to find, browse, and bookmark this page.
The following comment is quoted verbatim. For ease of reading it will not be set inside quotation marks:
Auditor Reporting
The form and content of the auditor’s reports will change substantively which will be effective for audits of financial statements for periods ending on or after December 15, 2020. Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, was issued in May 2019. SAS No. 134 includes a new AU-C section 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and replaces the following AU-C sections in AICPA Professional Standards:
In November 2019, the AICPA published the first of a new semi-annual newsletter, PR Prompts!, designed to help CPAs keep current on peer review news.
The AICPA gave me permission to reprint portions of the newsletter on my blog.
This is the fourth of six posts to help you stay up to date.
I have looked at the following page on the AICPA website. It is quite helpful. If you provide audits to your clients, it would be worth your time to find, browse, and bookmark this page.
The following comment is quoted verbatim. For ease of reading it will not be set inside quotation marks:
Auditing Standards Issued in 2019: Information and Resources
This is an exciting time in the auditing space. Standards are changing to keep up with today’s business environment. To set you up for success, we’ve gathered resources on auditing standards that include on changes to the auditing reporting standard, the employee benefit plan auditing standard and the other information standard. These include backgrounders, FAQs and news articles.
As mentioned at the top of this post, this article is reprinted with permission of the AICPA.
Concord stage coach, from the days when Wells Fargo was the gold standard of honesty and integrity. Photo at Wells Fargo’s San Diego museum by James Ulvog.
Range of issues in Wells Fargo have grown in the time since I last described their internal disasters.
Here is an overview of the last two years:
Some money returning to Wells
3/1/19 – Reuters – Wells Fargo officials enter $240 million settlement over bogus accounts – Article says the insurance companies representing 20 Wells execs and directors (tally includes current and former staffing) have reached a settlement to pay the bank $240M collectively. This is compensation for the damage caused by the fake account fiasco.
Plaintiff lawyers assert this is the largest derivative lawsuit settlement in the U.S. Article does not say what cut the lawyers get.
