Important revisions to three International Standards on Auditing are now open for consultation.
Accounting & Auditing
Posted inAccounting & Auditing
FRC revises two auditing and assurance standards to align with international ethics code
The UK’s audit regulator has revised an auditing and an assurance standard, both relating to ethics. The FRC said that the changes ensure that UK standards remain aligned with standards issued by the IAASB.
Posted inArtificial Intelligence
In the AI governance race, EY’s Dilek Çilingir explains how compliance can keep AI in step
AI has driven massive change in three years, but governance hasn’t kept up, creating integrity and compliance gaps. Risks from hallucinations, misunderstood outputs, and democratized use are now clearer, while some organizations are cutting soaring AI costs.
Posted inAccounting & Auditing
New audit quality control standard amended to reduce compliance burden
Important revisions to the new audit quality control QC 1000 standard have been announced by the Public Company Accounting Oversight Board. The intention is to increase flexibility for audit firms and reduce compliance costs.
Posted inAccounting & Auditing
U.K. promises corporate reporting reforms will slash compliance costs and focus on reports’ purpose
The U.K. government has published a consultation promising “once in a generation” changes to corporate reporting. It said “common sense” changes will save companies more than $603 million a year.
Posted inAccounting & Auditing
IIA publishes guidance on how the Three Lines Model and ERM can meet evolving organizational risks
Two new position papers by the IIA highlight the way corporate governance is maturing in line with rapidly emerging risks. The documents focus on the Three Lines Model of governance and on enterprise risk management and set more ambitious parameters for collaboration between multiple governance functions, including compliance.
Posted inBest Practices
When compliance reporting creates false assurance
Boards are not short of compliance information. Most receive dashboards, heat maps, training figures, investigation data, audit findings, remediation updates, and regulatory summaries. The difficulty is deciding what all that information really says. A report can be accurate, well presented, and still leave directors with too much confidence. That happens when evidence of activity is […]
Posted inTop Stories
SEC charges former execs of auto subprime lender giant Tricolor with fraud, falsifying loan documents
Two former executives and a former manager at subprime auto lender Tricolor Holdings falsified documents in pursuit of a $1.9 billion fraud against investors and banks including JPMorgan Chase, according to the Securities and Exchange Commission (SEC). Tricolor, which formed in 2007 and had dealerships in California, Illinois and Texas, provided subprime car loans to […]
Posted inAccounting & Auditing
New resource from PCAOB addresses compliance questions on QC 1000 standard
Compliance teams with questions about the new audit quality control standard should review the latest resource published by the PCAOB. QC 1000 Questions and Answers addresses issues ranging from roles and responsibilities to ethics, governance, and leadership.
Posted inAccounting & Auditing
Execs distrust AI outputs after internal audit flags errors: Report
One in four executives have said that internal audits have uncovered errors in AI outputs that were not picked up by the organization before being shared with external stakeholders and board members.