SAG sages debate audit quality indicators

Posted By: Edith Orenstein on November 30, 2015 in Accounting & Auditing&Legislative / Regulatory
The Public Company Accounting Oversight Board should limit any initial proposal calling for the use or disclosure of audit quality indicators to just a handful of AQIs and encourage their use as part of a principles-based framework, members of an advisory group told the PCAOB recently.    The remarks came during the second day of a two-day meeting of the PCAOB’s Standing Advisory Group, with SAG members having spent a considerable amount of time in small breakout groups on the first...

Happy Thanksgiving - I am grateful!

Posted By: Tom Hood on November 25, 2015 in Leadership / Management
I love Thanksgiving. This uniquely American holiday lets us focus not on gifts and glitz, but on gratitude, and few things warm my heart more. As we make final preparations for this week’s celebration, let’s remember to pause and take stock of the people and things for which we are grateful. Here are some of mine. • | I am grateful to be part of a profession that is as important and relevant to our economy and clients as it has ever been, one that’s committed...

What to expect from the PCAOB in 2016

Posted By: Edith Orenstein on November 21, 2015 in Accounting & Auditing&Legislative / Regulatory
In remarks at the Public Company Accounting Oversight Board’s recent Standing Advisory Group meeting, PCAOB Chairman Jim Doty indicated further evolution may be afoot next year as the PCAOB completes an introspective look at its own standards-setting process. “Both the Board and staff organization-wide have devoted considerable effort to our review of our standards-setting program this year,” said Doty, Standard-setting process “While most of this work is behind the...

Engagement partner rule expected in December: PCAOB chair

Posted By: Edith Orenstein on November 19, 2015 in Accounting & Auditing&Legislative / Regulatory
The Public Company Accounting Oversight Board expects to vote in December on a final rule − part of its "audit transparency" initiative − which, if adopted, would require disclosure of the name of the engagement partner for every public company audit. This update was provided by PCAOB Chairman James Doty in remarks at a meeting of the audit overseer’s Standing Advisory Group last week. Evolution of engagement partner disclosure Engagement partner disclosure...

DOL offers tips for selecting an employee benefit plan auditor. Do you measure up?

Posted By: Bill Sheridan on November 16, 2015 in Accounting & Auditing&Legislative / Regulatory
If you’re a CPA who conducts audits of employee benefit plans, heads-up: The Department of Labor is telling your potential clients what they need to look for in an auditor. DOL Chief Accountant Ian Dingwall’s office has begun sending letters to everyone who administers “large” employee benefit plans (those with more than 100 participants, which is the number that requires an annual independent audit). The letter alerts administrators about the importance of a quality audit by...