Preparing for the revenue recognition standard

This Journal of Accountancy article highlights some of the issues for implementing the new revenue standard. http://www.journalofaccountancy.com/News/201410219.htm

4 broad types of indicators of audit quality

have been suggested by the Center for Audit Quality. 1. Leadership and tone at the top 2. engagement team knowledge, experience and workload. 3.Monitoring 4. Auditor reporting. The Center intends to pilot test these indicators with audit committees. http://www.journalofaccountancy.com/News/201410007.htm

SOC reports and the cloud

See this AICPA discussion about SOC reports The link is http://blog.aicpa.org/2014/03/before-your-clients-run-to-the-cloud-remember-soc.html#sthash.fWdXavzS.hGExjdpZ.dpbs

About the term "audit failure"

PCAOB member expresses concerns about the use of the term. http://journalofaccountancy.com/News/20149822.htm

PCAOB educates about the difference

in registration versus a firm that undergoes inspections. The concern stems from noting some auditors that attempt to use the mere fact of registration as a marketing point. http://www.reuters.com/article/2014/03/17/us-usa-auditor-regulations-idUSBREA2G17C20140317

Pricing when a former auditor on the Board of Directors

http://www.complianceweek.com/study-links-audit-fee-pressure-to-quality-restatements/article/337248/ This study on audit fee pressure had an interesting exception when the ex-auditor was a member of the Board.

Identifying Group audits

The identification of group audits is a key planning activity in the audit. From there, assessment of the risk entailed in any component audits is an important consideration. This change may be relevant in terms of increased audit procedures as compared to prior years.   At a minimum, there needs to be analytical procedures performed by the group auditor even on those components deemed not significant.  http://journalofaccountancy.com/News/20149529.htm