Audit News from Accounting Today

More than 1,000 (69%) of the 1,458 exchange-listed EGCs are audited by larger firms, the PCAOB found.

CFOs are likely to use internal audit to address key risks in their areas of responsibility, potentially excluding other areas of risk.

The internal audit profession has been grappling with a greater array of responsibilities beyond checking up on corporate finances, including vetting companies' cybersecurity and use of artificial intelligence.

Plus, AuditDashboard announces 8.0 release with Microsoft 365 and Copilot integration; Audit Sight releases new analytics module for insights; and other accounting tech updates.

Issuers must meet regulatory requirements, including SEC filings and compliance with auditing standards set by the PCAOB.

The PCAOB staff continues to see deficiencies related to the review procedures required by Attestation Standard No. 2.

Paul Atkins warned the SEC might eliminate a rule that allows multinational companies to avoid reconciling their IFRS financials with U.S. GAAP.

The International Ethics Standards Board for Accountants posted two new publications from its staff on two of its recent standards.

Leaders of corporate audit committees are confronting new and emerging challenges, according to a new report from Deloitte.

The American Institute of CPAs has updated its practice aid on digital assets with a new chapter on auditing cryptocurrency lending and borrowing transactions.

The Technology Innovation Alliance Working Group issued four recommendations to promote responsible use of technology in audits.

Evidence is almost entirely digital. At the same time, AI tools can fabricate near-perfect fakes. At what point does skepticism tip into forensics?

With major mergers, the Top 10 Firms topped the list of new Securities and Exchange Commission Engagements in the second quarter.

The Public Company Accounting Oversight Board postponed the effective date for QC 1000, "A Firm's System of Quality Control," as well as other standards, rules and forms, by one year.

The Public Company Accounting Oversight Board formed an advisory group of professionals from smaller audit firms.

The Institute of Internal Auditors expressed its opposition to efforts to slash the funding of the Government Accountability Office nearly in half.

The Public Company Accounting Oversight Board is accepting nominations for members of its Investor Advisory Group and Standards and Emerging Issues Advisory Group.