IAASB

IAASB Spotlights Rules Calling for Skepticism

Tammy Whitehouse March 05, 2012

The International Auditing and Assurance Standards Board has added its voice to the call for more skepticism by auditors, issuing staff guidance in Q&A format to emphasize its importance. The 16-page document reminds auditors about the importance of bringing a questioning mind to the audit to increase the chance of catching material misstatements.

IFAC Offers Alerts on Tough Audit Issues

Tammy Whitehouse December 30, 2011

Guidance emerging from the International Federation of Accountants might prove useful even in the United States in the coming weeks as companies close the books on 2011 and plan for the year ahead.

New Risk-Assessment Audit Standards Seek to Spotlight Fraud

Tammy Whitehouse September 20, 2011

Companies can expect more scrutiny from their audit firms this coming annual report season, thanks to new standards the audit firms themselves must meet to assess risk, including the risk of fraud. "We have to quit treating fraud risk as a bolt-on, as if it's an exercise separate from the others," says James Comito of audit firm Mayer Hoffman McCann. A look at the new standards is inside.

IAASB Seeks Views on Changing Auditor's Report

Tammy Whitehouse May 17, 2011

The International Auditing and Assurance Standards Board has published a consultation paper on to how to make the standard auditor's report more useful to investors and other users. The objective, according to the IAASB, is to determine if there are any common views among financial statement readers about how the reports could be more informative.

IAASB Offers Ideas on Auditing Complex Instruments

Tammy Whitehouse October 19, 2010

International audit experts are proposing some new guidance that should be added to the required reading list for U.S. companies and auditors involved with complex financial instruments.The International Auditing and Assurance Standards Board is looking for comments on some draft guidance titled International Auditing Practice Statement 1000, Special Considerations in...

Risk Standard Comments Tread into PCAOB Process

Tammy Whitehouse March 05, 2010

As audit regulators review comments on their reworked proposal for seven new risk assessment standards, they’re also getting some pretty forthright advice on how to write audit rules.Even the U.S. Government Accountability Office has weighed in on where the Public Company Accounting Oversight Board may be inviting trouble with its...

IAASB Alerts Auditors to Get Skeptical on Confirmations

Tammy Whitehouse November 05, 2009

International audit experts are reminding auditors to be careful when relying on third-party confirmations to reach audit conclusions, especially given advances in technology that can make them subject to abuse.The International Auditing and Assurance Standards Board has published a practice alert that covers some of the emerging practices around audit...

Boards Develop New Guidance for Auditing Fair Value

Tammy Whitehouse October 21, 2009

Both in the United States and abroad, audit rule makers are developing new guidance on how to audit fair-value measurements.The Public Company Accounting Oversight Board recently asked its Standing Advisory Group for its input on the board’s preliminary ideas around developing a new standard that would govern how to audit...

IAASB Offers Audit Advice During Credit Squeeze

Tammy Whitehouse January 22, 2009

The unprecedented squeeze on credit raises the stakes for both management and auditors in determining whether an entity can continue as a going concern. The assessment for financial reporting purposes is tougher than ever, yet at the same time more important than ever.To the rescue, the International Auditing and Assurance...

PCAOB’s Gradison Calls for Convergence of Audit Rules

Tammy Whitehouse December 19, 2008

A member of the Public Company Accounting Oversight Board is calling on his fellow board members to get serious about converging public company auditing standards with international standards and those for private organizations in the United States.PCAOB member Bill Gradison is in Denver today to address the Colorado Society of...

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