One way in which we plan to move the audit quality needle is to focus firms and peer reviewers on new industries, industries with new or rising risks, audit areas of increased risk or areas with increased inspection matters in the past.
In May 2014, the AICPA Peer Review Board (PRB) approved the below areas of focus:
- Independence - nonattest services (emphasis on appropriate evaluation of SKE)
- Sufficiency of audit evidence - sampling, risk assessment and internal controls
- Employee benefit plans, including both ERISA and government pensions
- Municipal security issuers
Read more about the emerging industries and risk areas identified to date and find resources for each.