In today’s challenging economic environment, external auditors — from sole proprietors to the largest international CPA firms — are under a microscope to ensure they are achieving high-quality auditing of financial reporting. CPA firms have recently been in the crossfire of negative results reported by standard setters and regulatory agencies. So how can you ensure […]
By Michael Cohn Published February 22 2017 The American Institute of CPAs’ Auditing Standards Board has revised its standard for going concern opinions. The new standard, Statement on Auditing Standards No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (AICPA, Professional Standards, AU-C sec. 570), supersedes SAS No. 126 […]
February 2017 The Future of Auditing A Roundtable Discussion Scott Marcello, Thomas Ray, Doug Carmichael, Jim Peterson, Sridhar Ramamoorti, Salvatore Collemi, and Bruce Nearon In Brief Technology has transformed the way that businesses operate. The auditing profession is no exception. The SEC’s recently released statistics for fiscal year 2016 showed that it filed 868 enforcement […]
By Michael Cohn December 6, 2016 Accountants need to watch out for the wide-ranging impact of blockchain, a technology popularized by digital currencies such as bitcoin. Blockchain relies on “distributed ledger technology” to record transactions made with the virtual currency and uses encryption to safeguard security. The technology distributes the ledgers to different computers to […]
A consultant offers ugly truths and realistic remedies AUGUST 31, 2016 BY SALVATORE A. COLLEMI Ask any practicing CPA who cares about the profession, and they’ll tell you about the need for continuous improvements when it comes to a public accounting firm’s system of quality control policies and procedures.This need is at the very heart […]
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