SEC approves PCAOB audit standard

about communication with audit commitees.   http://journalofaccountancy.com/News/20127041.htm

Clarified Auditing Standards

and some of the substantive changes made are detailed in this short blog post; report headings, opening balances and engagement letters changes are discussed.  http://blog.aicpa.org/2012/12/how-the-clarified-auditing-standards-will-affect-you.html#sthash.zPTJ7o5C.sM1EXIWF.dpbs

PCAOB pushes back agenda to accomodate

a cost benefit study to comply with JOBS (Jumpstart Our Business Startups Act) that has provisions related to regulations that can impact emerging companies.   An interesting piece here about how new regulations are to be scrutinized in advance for their potential impact.    http://www.complianceweek.com/pcaob-backs-up-agenda-for-cost-benefit-studies/article/269010/

Infographic about money

and electronic payments.  Shows a few trends and data points visually.  Likely to impact auditing.  http://readwrite.com/2012/12/13/the-wallet-revolution-infographic

Internal Control Report Deficiencies

from 2010 have been released by PCAOB.   http://pcaobus.org/Inspections/Documents/12102012_Release_2012_06.pdf

This Journal of Accountancy article summarizes some of the findings of the 31 page report http://www.journalofaccountancy.com/News/20126978.htm

Professional skepticism

 is discussed in this article http://journalofaccountancy.com/News/20126953.htm
related to the PCAOB Staff Audit Practice Alert  #10 that was just issued.   The 16 page document discusses this issue, citing examples in current audits where it is especially relevant.    http://pcaobus.org/Standards/QandA/12-04-2012_SAPA_10.pdf

PCAOB board member expresses skepticism of

mandatory audit firm rotation.   Discusses the kind of data and analysis that would have to be done prior to making this decision and expresses these as hurdles.  This is one member on the Board's opinion only.   http://journalofaccountancy.com/News/20126956.htm

SEC files charges against

audit firms for failure to turn over reports on Chinese companies.  These are foreign offices of the big 4 and one other large firm.    http://accounting.smartpros.com/x74423.xml

Continuous Auditing

  Check out this 16 page assessment by the AICPA Assurance Services Executive Committee (ASEC) Emerging Assurance Technologies Task Force as it looks at the current state of Continuous Auditing  http://www.aicpa.org/InterestAreas/FRC/AssuranceAdvisoryServices/DownloadableDocuments/Whitepaper_Current-State-Continuous-Auditing-Monitoring.pdf