Author: Jennifer Louis

Auditing Standards Board Releases Exposure Draft on Audit Reports

In November 2017, the AICPA Auditing Standards Board (ASB) released three proposals related to enhancing the relevance and usefulness of audit reports on financial statements of nonissuers.  They also seek to converge with recently revised audit guidance promulgated by the International Auditing...


Results of PCAOB’s Latest Staff Inspection Brief on Audits of Issuers

The PCAOB prepares Staff Inspection Briefs to assist auditors, audit committees, investors, and preparers in understanding the results of inspections of issuer audits.  The following highlight some of the more significant findings from the 2016 inspection cycle, which were the result of examining...


COSO’s New Enterprise Risk Management Framework

In June 2017, the Committee of Sponsoring Organizations (COSO)released Enterprise Risk Management – Integrating with Strategy and Performance (ERM), which is an updated version of Enterprise Risk Management – Integrated Framework (2004).  Every decision made in pursuit of an organization’s...


New FASB ASU on Derivatives and Hedging

ASU No. 2017-12, Derivatives and Hedging (Topic 815) provides targeted improvements to accounting for hedging activities, rather than a complete overall.  The goal was to ease burdensome accounting rules for financial statement preparers, and make the presentation of hedge accounting information...


Auditing Standards Board Update: Exempted Offerings

There are an increasing number of opportunities for nonpublic entities to raise funds; for example, crowdfunding, private placement offerings, franchise offerings, issuing municipal securities, or even issuing digital currency. The related offering documents may not be SEC regulated, as they are...


AICPA Answers Internal Control Technical Questions

In April 2017, the AICPA released several nonauthoritative answers to technical questions, which are based on matters identified from questions received into the AICPA’s technical hotline and other sources. The following summarizes the guidance provided in Section 8200, Internal Control: Auditors...


PCAOB Issues New Audit Report Requirements

The Public Company Accounting Oversight Board (PCAOB) approved a new format for audit reports of public companies, with the overall goal of providing more transparent and useful information to investors and other financial statement users.  AS 3101, The Auditor’s Report on an Audit of...