CCH Learning Center

Auditing Issues: Recent Developments in Standards and Practice

The PCAOB and the AICPA have each created or are proposing sweeping new requirements for auditors. This course discusses the PCAOB’s Auditing Standard No. 1, References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board (AS-1), Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction With An Audit of Financial Statements (AS-2), Auditing Standard No. 3, Audit Documentation (AS-3), and proposed Auditing Standard No. 4, Reporting on the Elimination of a Material Weakness.

The course then covers the PCAOB’s rigorous new inspection process of firms that audit SEC registrants, as well as the AICPA’s responses to these new developments, including the formation of the Center for Public Company Audit Firms (CPCAF) and its peer review process.

The AICPA has also exposed a draft of a proposed new standard on audit documentation for non-public entities, which parallels the PCAOB standard, although it does contain important differences. The last section of the course discusses audit documentation and other proposed and emerging AICPA auditing standards.