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SEC approves new audit quality benchmarks
The SEC has approved new accounting standards proposed by the PCAOB aimed at improving audit quality. The new standards, which come into force in December 2025, will require accounting firms to manage and monitor risks to audit quality and hold leadership accountable for compliance. The biggest audit firms – those that audit more than 100…
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IRS not fully complying with TikTok ban
The IRS is not in full compliance with the federal government’s guidance for removal of TikTok from devices, according to a new report, but mainly because it hasn’t been inserting the requirement in all its contracts and contract actions such as solicitations and modifications. The report, released Friday by TIGTA, found that IRS contracting officers…
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TIGTA says IRS has work to do on Login.gov security controls
The IRS is making progress in moving its use of Login.gov toward compliance with federal standards, according to a new TIGTA report, but the tax agency has more security improvements to implement around its expanded use of the single sign-on service. Where the IRS is falling short, the watchdog said, is in its requirements for…
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Two more accounting firms censured by Canadian audit watchdog
After censuring seven accounting firms in 2023, the Canadian Public Accountability Board has added two more Canadian auditors to the list in 2024. Kingston Ross Pasnak LLP of Alberta was sanctioned in June and Macias Gini & O’Connell LLP, which is based in Los Angeles and does not have offices in Canada, was sanctioned in…
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PCAOB highlights increase in audit deficiencies in broker-dealer financial reports
An annual PCAOB report has revealed an increase in the percentage of broker-dealer financial reports with audit deficiencies. The report highlights the nature of the deficiencies and provides advice for avoiding future occurrences. In 2023, at least one deficiency was identified in 70% of the 103 audit engagements reviewed, up from 56% the previous year….
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Experience, Learn and Earn (ELE) program grows with online courses
A program designed to ease attainment of the final 30 hours of the education requirement for CPA licensure has expanded since it began offering online courses last semester. The Experience, Learn and Earn (ELE) Program, sponsored by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA), has seen…
