PCAOB Standard-Setting and Research Agendas Updated
The Public Company Accounting Oversight Board’s (“PCAOB”) Office of the Chief Auditor (“OCA”) has updated its standard-setting agenda. Revised as of June 30, the periodic update reflects the PCAOB’s standard-setting and research agendas, and includes the OCA’s standard-setting agenda, scheduled milestones, and recent developments including the following: Auditor’s Reporting Model (adopted in June by PCAOB and awaiting the Securities and Exchange Commission’s approval) Auditing Accounting Estimates, Including Fair Value Measurements (exposure draft comment period ends Wednesday, August 30) The Auditor’s Use of the Work of Specialists (exposure draft comment period ends Wednesday, August 30) Supervision of Audits Involving Other Auditors. Read More.
Topics: audit quality control systems, Auditing Accounting Estimates (AS 2501), Auditor's Reporting Model, Auditor's Use of the Work of Specialists, Data, PCAOB, PCAOB Office of the Chief Auditor, PCAOB Research Agenda, PCAOB Standard-setting Agenda, Public Company Accounting Oversight Board "PCAOB", Securities and Exchange Commission "SEC", Technology
Data Will Lead the Fourth Industrial Revolution: Part 2
No one denies that data’s role in the Fourth Industrial Revolution (and in our daily lives in general) is growing. In Part 1 of “Data Will Lead the Fourth Industrial Revolution,” we examined how data is actually one of the major components shaping this industrial revolution. Data is both measuring human behavior and influencing it at the same time. That data-technology-human connection: Disrupts which jobs have priority in modern manufacturing (think: data analysts and coders becoming possibly more influential and indispensable in the daily process than manual laborers) Helps business leaders make better, more informed business decisions Reveals misconceptions or misinformation that. Read More.
Data Will Lead the Fourth Industrial Revolution: Part 1
Technology is a critical component in the next industrial revolution – the one that’s happening right now as you read this article. But, technology doesn’t rule the Fourth Industrial Revolution. It’s not going to take over manufacturing and replace all the workers with robots. What will define and shape the Fourth Industrial Revolution is data. Technology defined the Second and Third Industrial Revolutions in that it made our jobs easier, so we could be more productive. This time around, the technology is different. Not only is it evolving at a much faster pace that’s unparalleled in the history of human. Read More.
FASB and FASAC Discuss Technology’s Role in Future Standard-Setting
Without providing a clear picture of how the Financial Accounting Standards Board’s (“FASB”) agenda will be impacted by technological advances, the board’s Financial Accounting Standards Advisory Council (“FASAC”) considered the future of financial reporting at its June 15 meeting. FASB and FASAC members both agreed investment firms’ technology use has evolved to the point that financial reporting may also change. FASB member and former fund manager Harold Schroeder stressed that companies, auditors, and standard-setters are facing a rapidly changing business environment with multiple users that rely on financial information. Schroeder said as time goes on, the evolving financial landscape changes. Read More.