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Audit & Assurance
Accounting firms offer a wide range of professional services to their clients, including audit, review, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards or national requirements that have been based on international ones. High-quality international standards increase the comparability, consistency, clarity, credibility, and transparency of financial information. And, high-quality financial information, in turn, increases the stability of the global financial infrastructure. Read More
Auditing Special Purpose Frameworks: Auditing Revenues—Part 2
October 21, 2014 - Accounting Web
The first part discussed the principles of revenue recognition under the FRF for SMEs. This part will focus on auditing issues, including some common questions auditors should ask
Using international standards and best practices in the areas of accounting and auditing, the ADT is a quantitative tool for measuring the level of development of a country’s accountancy environment. The ADT provides a quantitative benchmark of a country’s position at a point in time and its progress toward greater implementation of these standards and practices.
According to the white paper Reimagining Auditing in a Wired World, published by the Emerging Assurance Technologies Task Force of the AICPA Assurance Services Executive Committee, technology can be used to transform auditing and improve audit effectiveness.
The 2014 edition of the handbook includes ISAE 3000 (Revised) and Conforming Amendments. A third volume has been added to the handbook that contains the International Framework for Assurance Engagements (previously included in Volume II of the handbook) and the recently issued Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. The handbook was last issued in 2013. Staff-prepared Basis for Conclusions documents for each of the pronouncements included in the handbook can be accessed here.
Accounts Payable and Accrued Expenses: The AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities is based on the accrual basis of accounting.
Audit & Assurance Alert
September 30, 2014 - CPA Canada
The what, why, and how to CAS 600 complying with requirements in group audits involving components in emerging markets
Auditing Special Purpose Frameworks: Auditing Property and Equipment
September 24, 2014 - Accounting Web
A summary of basic accounting policies and applicable auditing standards and procedures for the AICPA'sFinancial Reporting Framework for Small- and Medium-Sized Entities, are presented in this article.