PCAOB Proposal to Address Auditing Accounting Estimates
A new proposal by the Public Company Accounting Oversight Board (“PCAOB”) seeks to strengthen the applicable requirements for auditing accounting estimates. Issued as Proposed Auditing Standard for Auditing Accounting Estimates, Including Fair Value Measurements, the proposal advises auditors to use professional skepticism and give added attention to possible management bias while auditing accounting estimates. Auditors have had issues auditing some accounting estimates, causing PCAOB inspectors to flag deficiencies at both small and large audit firms. Such deficiencies have raised concerns on auditors’ application of professional skepticism and their consideration of possible management bias. In response, the PCAOB proposes a new. Read More.
Topics: and Investments in Securities (AS 2503), Auditing, Auditing Accounting Estimates (AS 2501), Auditing Derivative Instruments, Auditing Fair Value Measurements and Disclosures (AS 2502), Fair Value Measurements, Hedging Activities, PCAOB, Public Company Accounting Oversight Board "PCAOB"
NC State Students Complete Cherry Bekaert Audit Methodology Project
Eighty students of North Carolina State University’s Jenkins Master of Accounting Program recently completed a semester-long project to help advance Cherry Bekaert’s audit methodology. Spearheaded by Partner Tara Edwards and Director Jonathan Kraftchick, the class project involved reviewing audit assignments to determine whether the information presented is understandable by Cherry Bekaert’s entry level auditors. Students were given tasks to complete using the same information entry level auditors are given, and then provided feedback to Kraftchick and Edwards. More on the Cherry Bekaert audit methodology project is available on the NC State website.
Next PCAOB Small Business Forum Set for Thursday
Next PCAOB Small Business Forum Set for Thursday Scheduled for Thursday, the Public Company Accounting Oversight Board (“PCAOB”) will hold its next forum on “Auditing in the Small Business Environment.” Taking place in New York City, the event is part of the PCAOB’s 2014 series on small business forums , and offers PCAOB members and staff the chance to hear comments and questions from auditors. Updated annually, the forum’s agenda shares essential information regarding the PCAOB’s activities with registered accounting firms that audit public companies operating in the small business community. Thursday’s agenda will feature information such as enforcement and U.S. Securities and Exchange Commission updates, the latest on. Read More.