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Accounting & Auditing Update

The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
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Accounting & Auditing Update Blog
AICPA develops new benefit plan auditing standards
Tammy Whitehouse | January 17, 2019
With new professional standards soon to be finalized, auditors are working on a plan to improve the quality of employee benefit plan audits.
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Accounting & Auditing Update Blog
PCAOB finalizes new standards on estimates, specialists
Tammy Whitehouse | December 21, 2018
Auditors have new rules to follow in auditing accounting estimates and in relying on the work of specialists to arrive at audit opinions.
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Accounting & Auditing Update Blog
Even with new technology, auditors face same demands
Tammy Whitehouse | November 7, 2018
Whatever changes technology might bring to financial reporting, auditors still face the same auditing standards and expectations from regulators.
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Accounting & Auditing Update Blog
PCAOB censures Deloitte Mexico partners in cross-border audits
Tammy Whitehouse | November 2, 2018
The PCAOB has disciplined three partners at Deloitte Mexico, citing failures in cross-border audits that affected U.S. opinions.
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Accounting & Auditing Update Blog
Study links accounting expertise to misstatement risk
Tammy Whitehouse | October 30, 2018
Accounting expertise coupled with high levels of executive compensation can increase the risk of misstatements, according to a new academic study.
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Accounting & Auditing Update Blog
Changes to PCAOB inspections will begin in 2019
Tammy Whitehouse | October 24, 2018
A new approach to audit inspections will begin in 2019, with changes intended to focus on prevention and deterrence, new PCAOB chairman says.
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Accounting & Auditing Update Blog
SEC, PCAOB discipline ex-auditors at BDO, Deloitte
Tammy Whitehouse | October 17, 2018
Two new enforcement actions give audit committees some textbook reminders to keep tabs on auditors regarding their compliance with professional standards.
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Accounting & Auditing Update Blog
U.S. still waits for new standards on auditing estimates
Tammy Whitehouse | October 4, 2018
Auditors following global standards now have updated rules on how to audit accounting estimates, guidance U.S. auditors have been awaiting for years.
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Accounting & Auditing Update Blog
Report calls out gender disparity among engagement partners
Tammy Whitehouse | September 18, 2018
As audit firms disclose who performs public company audits, gender diversity is emerging as the first major concern regarding audit engagement leadership.
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Accounting & Auditing Update Blog
PCAOB issues more guidance on new audit disclosures
Tammy Whitehouse | August 27, 2018
The PCAOB has issued more guidance to auditors about how they should comply with requirements to add new information to audit reports.
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Accounting & Auditing Update Blog
PCAOB invites comment on slimmer strategic plan
Tammy Whitehouse | August 17, 2018
Audit regulators are inviting feedback on a slimmed-down strategic plan, giving stakeholders a chance to influence how to regulate public company auditing.
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Accounting & Auditing Update Blog
CAQ: Control deficiencies not CAMs, but could be tied to one
Tammy Whitehouse | July 24, 2018
A significant deficiency in internal control over financial reporting will not automatically constitute a critical audit matter that auditors will have to disclose under a new auditing standard, but it could suggest auditors will disclose a CAM related to the underlying accounting, said the Center for Audit Quality.
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Accounting & Auditing Update Blog
PCAOB prepares new proposals on estimates, specialists
Tammy Whitehouse | July 10, 2018
The PCAOB is preparing to issue new proposals in the fourth quarter on auditing accounting estimates and using the work of specialists.
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Accounting & Auditing Update Blog
PwC ordered to pay FDIC $625 million in Colonial Bank case
Tammy Whitehouse | July 5, 2018
PwC has been ordered to pay the FDIC $625.3 million as a result of a long-running accounting fraud that caused the 2009 failure of Colonial Bank.
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Accounting & Auditing Update Blog
Going concern opinions drop in 2016, study shows
Tammy Whitehouse | April 17, 2018
Corporate filings flagging doubt over a company’s ability to continue as a going concern reached a low in 2016, according to the newest research.
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Accounting & Auditing Update Blog
PCAOB censures former engagement partner over Koss audits
Tammy Whitehouse | March 7, 2018
The PCAOB has censured the partner who oversaw audits at Koss, where a top finance executive went prison on charges of embezzling more than $30 million.
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Accounting & Auditing Update Blog
Groups propose new structure for global auditing standards
Tammy Whitehouse | December 21, 2017
A group of international regulators and financial institutions is proposing a new mechanism to set standards for auditing in global capital markets.
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Accounting & Auditing Update Blog
PCAOB fines Grant Thornton over audit, partner failures
Tammy Whitehouse | December 20, 2017
The PCAOB has extracted a $1.5 million settlement from Grant Thornton over allegations of audit and quality control failures around engagement partner performance.
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Accounting & Auditing Update Blog
SEC appoints all new board to lead PCAOB in 2018
Tammy Whitehouse | December 12, 2017
The SEC is cleaning house at the Public Company Accounting Oversight Board, appointing five new board members to take over the reins beginning in January.
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Accounting & Auditing Update Blog
Auditors get guidance on altering audit report
Tammy Whitehouse | December 5, 2017
Auditors have some new guidance from the PCAOB about how to begin revising their audit reports to reflect new requirements that take effect this year-end.
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Accounting & Auditing Update Blog
Investors urge PCAOB to collect audit firm financials
Tammy Whitehouse | October 31, 2017
In a largely symbolic gesture, an investor panel voted to recommend to the PCAOB that it collect audited financial statements from registered audit firms.
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Accounting & Auditing Update Blog
PCAOB revises proposal on supervising outside audit work
Tammy Whitehouse | September 27, 2017
The PCAOB is asking for a new round of public comment on a revised proposed standard that seeks to raise the bar on how audit firms supervise outside auditors.
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Accounting & Auditing Update Blog
PCAOB preps final rule on audit report, proposal on estimates
Tammy Whitehouse | May 24, 2017
The PCAOB is preparing to issue a final standard to overhaul the audit report and to propose new rules on auditing accounting estimates and using the work of specialists.
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Accounting & Auditing Update Blog
Accounting estimate audit risks get uneven scrutiny, study says
Tammy Whitehouse | May 4, 2017
Auditors are scrutinizing the risk of management bias in arriving at accounting estimates, but not so much when it comes to the risk of measurement imprecision.
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Accounting & Auditing Update Blog
Senators press PCAOB for answers on KPMG audit of Wells Fargo
Tammy Whitehouse | May 1, 2017
U.S. Senators are asking how KPMG could know Wells Fargo had fake accounts on the books, but not flag it as relevant to the financial statement audit.
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