Audit Standards
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AICPA Auditing Standards Board Approves Revisions to Attestation Standards
The changes are intended to align them with the AICPA standards pertaining to quality management, and related financial statement audit and non-audit standards.
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PCAOB Replaces Old Quality Control Rules With a New Standard
The new quality control standard will require audit firms to annually evaluate their QC systems and report the results to the PCAOB.
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New PCAOB Rules Would Push Auditors to Assemble Final Documentation More Quickly
As part of a new standard adopted May 13, the time period to assemble a final set of audit documentation would be cut from 45 to 14 days.
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PCAOB Proposal Would Require Audit Firms to Disclose a Variety of Metrics
The proposal would direct firms to provide more information, like involvement of partners and auditor turnover, to investors.
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KPMG China’s Mishaps Result in Three Audit Partners Being Fined By the PCAOB
The three KPMG Huazhen partners were docked a total of $150,000 for turning a blind eye to U.S. auditing standards.
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PCAOB Registration Isn’t a Seal of Approval, Regulator Tells Audit Firms
A proposed rule would limit how audit firms tout their PCAOB registration in marketing to clients and potential clients.
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Some Top Midtier Audit Firms Felt the Wrath of the PCAOB This Week
Withum was fined $2 million, while Baker Tilly and Mazars were fined $80,000 and $60,000, respectively, for rules violations.
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SEC Sues Marcum Assurance Partner Over Numerous Audit Violations
Edward Hackert is accused of improper conduct by repeatedly not following U.S. auditing standards over a 10-year period.