News

External auditors have long been tasked with ensuring financial integrity, detecting fraud and providing an independent opinion on a company's financial statements.

The Financial Accounting Standards Board (FASB) today announced the release of an FASB Staff Educational Paper that addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions. The educational paper, which does not change or modify current generally accepted accounting principles (GAAP), was prompted by input from private company stakeholders, including the Private Company Council.

The PCAOB has released its 2024 Annual Report(PDF). The Annual Report discusses how the PCAOB advanced its investor-protection mission during fiscal year 2024 and provides the PCAOB’s financial results, including audited financial statements, the auditor’s report, and management’s report on internal control over financial reporting.

The Governmental Accounting Standards Board (GASB) issued a Preliminary Views (PV) today for public comment on proposals associated with accounting and financial reporting for severe financial stress and probable dissolution disclosures.

Following focused efforts by the PCAOB to drive improvement, the aggregate Part I.A deficiency rate across firms is expected to drop seven percentage points year over year.

The IFRS Foundation launched an interactive tool to help jurisdictions develop approaches for the adoption of ISSB standards into their regulatory frameworks.

The climate disclosure rules adopted a year ago by the SEC will no longer be defended in court by the commission after a vote Thursday.

The AICPA Accounting and Review Services Committee (ARSC) voted Wednesday to issue an amendment clarifying that a CPA preparing financial statements as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards, is not required to apply AR-C Section 70, Preparation of Financial Statements.

The Governmental Accounting Standards Board (GASB) has completed a study of the utilization of Generally Accepted Accounting Principles (GAAP) by state and local governments in the U.S.

The PCAOB has posted a series of three staff presentation videos designed to help auditors implement the monitoring and remediation process under QC 1000, A Firm’s System of Quality Control. The videos are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of Quality Control (QC) and other PCAOB standards and rules. The PCAOB encourages firms to take advantage of the various implementation resources, including staff-led videos, guidance documents, knowledge checks, a practice aid, and interactive chart, which are available on the Implementation Resources for PCAOB Standards and Rules page.

Five high-level strategic initiatives serve as the backbone of the AICPA Auditing Standards Board's (ASB's) proposed 2026–2030 strategic plan.

Form AP disclosures reveal exactly who has participated in the audits of public companies – and account for a large number of inspection deficiencies

The Private Company Council (PCC) has published its 2024 Annual Report to highlight the PCC’s accomplishments and activities.

An AICPA Professional Ethics Executive Committee (PEEC) task force is seeking feedback after issuing a discussion memorandum featuring its preliminary conclusions about potential revisions to independence rules related to alternative practice structures.

The AICPA Auditing Standards Board issued two separate exposure drafts for public comment. The exposure drafts were approved by the ASB in separate votes during a public meeting on Feb. 13.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

The AICPA Professional Ethics Executive Committee (PEEC) approved revisions to the "Section 529 Plans" interpretation (ET §1.240.070) of the Code of Professional Conduct's "Independence Rule."

Get ready for a very different regulatory environment.

The SEC intends to ask courts to delay proceedings related to legal challenges to the commission's climate rule, according to a statement published Tuesday by the SEC's acting chair.

The AICPA & CIMA's new president and CEO, Mark Koziel, told a group of accountants that the association is preparing for the possibility that the Public Company Accounting Oversight Board might be "rolled up" into the Securities and Exchange Commission under the Trump administration.