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Items tagged with "Audit"

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AICPA addresses ethics of AI in audits

The American Institute of Certified Public Accountants (AICPA) recently hosted its latest A&A Focus webcast, diving into the ethical implications of using artificial intelligence (AI) in audit procedures. The event, part of a monthly series, featured insights from leading experts on accounting, auditing, and assurance.

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FRC seeks roundtable participants to advance sustainability reporting assurance

The UK’s Financial Reporting Council (FRC) is taking steps to enhance sustainability reporting assurance through focused roundtable discussions. These roundtables, introduced as part of the FRC’s ongoing market study initiated in March 2024, aim to gather insights from stakeholders regarding the current state and future direction of sustainability assurance.

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PCAOB Proposes Greater Transparency for Audit Firms

On 9 April the US Public Company Accounting Oversight Board (PCAOB) released a proposal to significantly enhance a range of metrics that audit firms will need to publicly disclose on an annual basis.

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FRC launches market study on UK sustainability assurance market

The Financial Reporting Council (FRC) has launched a survey of the UK market for sustainability assurance services. This initial study aims to ensure the efficient functioning of the rapidly expanding market and to enhance the quality of assurance provided over companies’ sustainability reporting.

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IFAC and CA ANZ release quality management toolkit for smaller practices

The International Federation of Accountants (IFAC) and Chartered Accountants Australia and New Zealand (CA ANZ) have launched a quality management toolkit aimed at aiding small- and medium-sized practices (SMPs) in adopting the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards.

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PRA’s evaluation confirms success of written auditor reporting policy

The UK’s Prudential Regulation Authority (PRA) has assessed the effectiveness of its Written Auditor Reporting policy. This policy, designed to enhance dialogue and report quality between auditors and supervisors, has proven highly successful.

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Sustainability assurance standard out now

The International Auditing and Assurance Standards Board (IAASB) published its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements in early August.

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Monitoring Group updates on strengthened audit for changing times

The Monitoring Group (MG) has again reported on its progress on strengthening the international audit-related standard-setting system.

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FRC reports continued improvement in audit quality but further action needed

The UK’s Financial Reporting Council (FRC) has released its annual inspection and supervision results for the largest audit firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The report reveals that 77% of audits inspected were deemed good or required only limited improvement, representing a consistent year-on-year improvement over the past four years.

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Audit committee chairs clued-in to ESG reporting

The UK’s Financial Reporting Council (FRC) has released a research report exploring the perspectives and approaches of Audit Committee Chairs (ACCs) towards Environmental, Social, and Corporate Governance (ESG) activities and reporting.

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