Latest audit news

Here are some of the latest audit news from various sources:

Audit News

  1. SEC Proposes New Audit Rules: The US Securities and Exchange Commission (SEC) has proposed new rules to improve the quality of audits and reduce the risk of audit failures. The proposed rules would require audit firms to provide more detailed information about their audit procedures and would give the SEC more authority to oversee audits. (Source: Accounting Today)
  2. Audit Firms Face Increased Scrutiny: The Public Company Accounting Oversight Board (PCAOB) has announced plans to increase its oversight of audit firms, including conducting more inspections and enforcing stricter standards. The move is aimed at improving audit quality and reducing the risk of audit failures. (Source: The Wall Street Journal)
  3. New Audit Standards for Private Companies: The American Institute of Certified Public Accountants (AICPA) has released new audit standards for private companies, which are designed to improve the quality of audits and provide more transparency. The standards are effective for audits of private companies with fiscal years ending on or after December 15, 2022. (Source: AICPA)
  4. Audit Technology Trends: A new report from Deloitte has identified the top audit technology trends, including artificial intelligence, blockchain, and cloud computing. The report suggests that these technologies will play a key role in improving audit efficiency and effectiveness. (Source: Deloitte)
  5. Audit Failures on the Rise: A new report from the PCAOB has found that audit failures are on the rise, with 22% of audits inspected by the PCAOB in 2020-2021 failing to meet standards. The report highlights the need for audit firms to improve their quality control procedures. (Source: PCAOB)
  6. New Audit Standards for Not-for-Profit Organizations: The AICPA has released new audit standards for not-for-profit organizations, which are designed to improve the quality of audits and provide more transparency. The standards are effective for audits of not-for-profit organizations with fiscal years ending on or after December 15, 2022. (Source: AICPA)
  7. Audit Firms Face Increased Competition: A new report from PwC has found that audit firms are facing increased competition from non-traditional players, including technology companies and consulting firms. The report suggests that audit firms need to adapt to changing market conditions to remain competitive. (Source: PwC)
  8. New Audit Standards for Government Entities: The Government Accountability Office (GAO) has released new audit standards for government entities, which are designed to improve the quality of audits and provide more transparency. The standards are effective for audits of government entities with fiscal years ending on or after December 15, 2022. (Source: GAO)
  9. Audit Technology Adoption: A new report from KPMG has found that audit technology adoption is increasing, with 75% of audit firms using audit software and 60% using data analytics. The report suggests that audit technology will play a key role in improving audit efficiency and effectiveness. (Source: KPMG)
  10. New Audit Standards for Healthcare Organizations: The Healthcare Financial Management Association (HFMA) has released new audit standards for healthcare organizations, which are designed to improve the quality of audits and provide more transparency. The standards are effective for audits of healthcare organizations with fiscal years ending on or after December 15, 2022. (Source: HFMA)

These are just a few examples of the latest audit news. If you're interested in staying up-to-date on audit news and trends, I recommend following reputable sources such as Accounting Today, The Wall Street Journal, and the AICPA.