CAQ Publishes Alerts on Auditing Considerations for the 2015 Audit Cycle

Nov 19, 2015

The Center for Audit Quality (CAQ) has published two new alerts, Select Auditing Considerations for the 2015 Audit Cycle (Audit Alert) and Select Considerations for the 2015 Audit Cycle for Brokers and Dealers (Broker-Dealer Alert). These alerts discuss complex audit areas to assist public company auditing firms during the 2015 audit cycle.

The areas covered by the alerts include areas discussed in the recently released October 2015 PCAOB Staff Inspection Brief (2015 PCAOB Brief) and the PCAOB Staff Inspection Brief, Information about 2015 Inspections of Auditors of Brokers and Dealers. The Broker-Dealer Alert also covers areas discussed in the PCAOB Staff Guidance for Auditors of SEC-Registered Brokers and Dealers (PCAOB Broker Dealer Guidance).

The Executive Summary notes that the Audit Alert includes discussions on the following audit areas:

  • Professional skepticism;
  • Internal control over financial reporting;
  • Risk assessment and audit planning;
  • Supervision of other auditors;
  • Testing issuer-prepared data and other reports;
  • Cybersecurity;
  • Revenue recognition;
  • Auditing accounting estimates; and
  • Related parties and significant unusual transactions


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