DOL Audit Quality Study Report

DOL Audit Quality Study Report

In November 2023, the DOL issued their Audit Quality study that found that 30% of ERISA audits from 2020 (prior to the adoption of SAS 136) were materially nonconforming. We’ll review the scope of the DOL’s review, their findings and recommendations for the future.

ASB Survey on Auditing LCEs

ASB Survey on Auditing LCEs

The AICPA’s Auditing Standards Board (ASB) is interested in hearing from auditors who perform audits of less complex entities (LCEs). They want to know your thoughts on what the ASB can do to make GAAS more scalable including even potentially issuing a separate set of standards! Give your feedback by November 22 to be heard.

Quality Management Proposal: Part 3

Quality Management Proposal: Part 3

The final blog in our QM series addresses the proposed audit standard. The audit standard assists the engagement team to understand their responsibilities on applying the system of quality management to an individual audit engagement. Comments are due June 11, 2021.

Quality Management Proposal: Part 2

Quality Management Proposal: Part 2

This week’s blog continues with the discussion of the AICPA’s proposed changes to Quality Management. SQMS 2 addresses the role and responsibilities of the engagement quality reviewer. We’ll look at the proposal including the proposed cooling off period and qualifications to give you an overview of the proposed standard.

Quality Management Proposal: Part 1

Quality Management Proposal: Part 1

The AICPA has issued three new proposals related to quality management. The new SQM Standards will replace the extant quality control (SQCS) and provide a more scalable and risk based QM methodology. This is the first of three blogs which will dive into the details of each proposal. This blog addresses A Firm’s System of Quality Management and the components of a system of quality management.