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Lively discussions on nonattest services have been the norm since 2003, when the AICPA's Professional Ethics Executive Committee (PEEC) published Interpretation 101-3, 'Performance of Nonattest Services,' of its Code of [...]

Statement on Auditing Standards (SAS) 99, Consideration of Fraud in a Financial Statement Audit, requires the auditor to 'presume there is a risk of material misstatement due to fraud relating [...]

As a discussion leader for continuing professional education (CPE) courses for 25 years, the author has witnessed many CPAs struggle to adjust their audit approach to comply with new standards. [...]

The AICPA's 2002 release of Statement on Auditing Standards (SAS) 99, Consideration of Fraud in a Financial Statement Audit, has led auditors to adopt new, innovative approaches to analyzing accounting [...]

Consider this scenario: Capitol Motors is in its first year of operations and as of December 30 has total revenues of $5 million, projected net income of $200,000, and total [...]

Under current auditing standards, companies can become bankrupt immediately following their receipt of a clean audit opinion from their auditors. The public, however, believes that auditors should report on the likelihood of the audit client's being able to continue in business; in fact, some believe the auditors should act as an early warning system, announcing in their audits whenever they have reservations about the continuity of a client. Research into 80 companies that received audit opinions expressing doubt as to their ability to continue to operate has produced a profile of troubled companies. It is suggested that this profile could form the basis for continuity evaluations, when (and if) such evaluations become a mandatory part of the audit process.