AICPA Issues TQA on OI

AICPA Issues TQA on OI

The AICPA issued a TQA in May addressing reporting and dating issues related to Other Information (OI) received after the date of the auditor’s report. SAS 137 added some additional performance and reporting requirements. The TQA clarifies some common questions the AICPA was receiving with regard to these changes.

Use of a Service Provider in the Confirmation Process

Use of a Service Provider in the Confirmation Process

The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have maintained control over the confirmation and to what extent they can rely on third party controls. This is nonauthoritative guidance to help improve audit quality.

Exposure Draft: AU-C 600 & Group Audits

Exposure Draft: AU-C 600 & Group Audits

The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional but the new standard also includes a more risk based approach for addressing financial statements that contain multiple components. Comments are due June 21, 2022.

X