OMB Circular A-133 Audits Common Findings and Deficiencies
Recently, the AICPA Ethics Division compiled a list of deficiencies frequently identified in investigations of the Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments and Non-Profit Organizations audits over the last 2 years. The focus of this report will be on the more common findings
Published on August 20, 2014
SAS No. 115 Audit Risk Alert Guidance
...approval by the Audit and Attest Standards Staff, has released some implementation guidance that should be very helpful to practitioners in their efforts to appropriately-implement the new SAS No. 115, control deficiency evaluation and communication requirements
Published on February 18, 2009
Communicating Control Deficiencies A Reminder About Auditor Responsibilities
In September 2008, the Auditing Standards Board [ASB] issued Statement on Auditing Standards [SAS] No. 115 [AU Section 325], entitled Communicating Internal Control Related Matters Identified in an Audit. The provisions within SAS No. 115 became effective for audits of financial statements for periods...
Published on March 14, 2012
Examing Internal Control in an Integrated Audit
In September 2008, the Auditing Standards Board [ASB] issued two “companion” documents, where the first of those documents provides guidance related to communicating significant deficiencies and material weaknesses noted in performing financial statement audits. The “companion” document related to internal control issues is in SSAE No. 15.
Published on November 12, 2008
Reporting on the Design of Internal Control
As discussed in previous reports, in September 2008, the ASB issued two companion documents, where the first of those documents provides guidance related to communicating significant deficiencies and material weaknesses noted in performing financial statement audits.
Published on December 10, 2008
AU-C Section 265 Communicating Internal Control Related Matters
In implementing the clarified auditing technical literature guidance, auditors will notice some modifications associated with requirements that need to be addressed when considering required control deficiency communications with those charged with governance and management.
Published on July 04, 2012
SAS No. 114 Redrafted Clarifying Governance Communications
The Auditing Standards Board [ASB] has finished work on the first of the clarified auditing standards in work related to the overall clarity project. In efforts to converge the U.S. auditing technical literature with literature developed by the International Auditing and Assurance Standards Board [IAASB], and in efforts to clarify
Published on November 26, 2008
Successor & Predecessor Communications A Reminder
When a change of auditors is in process or has taken place, it is important for successor auditors not to accept engagements until certain communications have been made with predecessor auditors, but that requirement does not extend to review and compilation engagements.
Published on December 09, 2009
Special Issues Related to the Statement of Cash Flows
According to SFAS No. 95, Statement of Cash Flows, the primary objective of a statement of cash flows is to provide relevant information about the cash receipts and cash payments of an entity during a period.
Published on May 13, 2009
Benefit Plan Audits Some Current Considerations
As practitioners are finalizing benefit plan audit engagements, some new issues and some continuing issues need to receive some focus to ensure that financial statements are prepared appropriately and audits are performed and documented appropriately.
Published on September 30, 2009