Alert

CAQ Alert #2016-01 – Select Auditing Considerations for the 2016 Audit Cycle

Tuesday, October 4, 2016

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CAQ Alert #2016-01, Select Auditing Considerations for the 2016 Audit Cycle, reminds member firms of important auditing considerations for the 2016 audit cycle. It identifies and discusses some of the more judgmental or complex audit areas for the upcoming audit cycle, including some of those identified by the Public Company Accounting Oversight Board (PCAOB) through its inspection process and published in recent PCAOB Staff Inspection Briefs.

Select Auditing Considerations for the 2016 Audit Cycle covers the following topics:

  1. Improving Transparency through Disclosure of Engagement Partner and Certain Other Participants in Audits
  2. Improper Alteration of Audit Documentation
  3. Effective Communication with Audit Committees
  4. Assessing and Responding to Risks of Material Misstatement
  5. Internal Control over Financial Reporting (ICFR)
  6. Segment Identification and Disclosure
  7. Going Concern
  8. Additional Considerations for the 2016 Audit Cycle

In addition, CAQ Alert #2016-02, Select Auditing Considerations for the 2016 Audit Cycle for Brokers and Dealers, provides considerations for the 2016 audit cycle that may be relevant for audit and attestation engagements of brokers and dealers registered with the U.S. Securities and Exchange Commission (SEC), including areas that have recently been the subject of attention and focus by the PCAOB in its interim inspection process.