This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

CAQ Alerts Related to Select Auditing Considerations for the 2017 Audit Cycle

  • CAQ Image

Oct 11, 2017

On October 11, 2017, the Center for Audit Quality (CAQ) released two alerts to enhance audit quality and remind firms of certain auditing considerations that may be relevant for the 2017 audit cycle.

The first alert, Select Auditing Considerations for the 2017 Audit Cycle, reminds member firms of important auditing considerations for the 2017 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.

This alert covers the following topics:

  1. Auditor Independence
  2. Multinational Audits
  3. Transitioning to New Accounting Standards
  4. Audit Areas Potentially Affected by Economic Factors
  5. Recurring Audit Deficiencies
  6. Financial Reporting Areas
  7. Increasing Transparency through Disclosure of Engagement Partner and Certain Other Participants in Audits: PCAOB Rules 3210 and 3211
  8. Other Considerations

The second alert, Select Auditing Considerations for the 2017 Audit Cycle for Brokers and Dealers, provides considerations for the 2017 audit cycle that may be relevant for audit and attestation engagements of brokers and dealers registered with the US 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.

This alert covers the following topics:

  1. Auditor Independence
  2. Risk of Material Misstatement Due to Fraud
  3. Revenue Recognition
  4. Financial Statement Presentation and Disclosure
  5. Related Party Transactions
  6. Auditing Information Produced by a Service Organization
  7. Supplemental Information
  8. Examination Engagements
  9. Review Engagements
  10. Engagement Quality Reviews
  11. The Securities Investor Protection Corporation (SIPC) Rule 600

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.