The Securities and Exchange Commission this week approved the Public Company Accounting Oversight Board’s AS 3101 auditing standard aimed at providing more relevant information to investors.

In a comment letter to the American Institute of CPAs on its proposal to modify audits of Employee Retirement Income Security Act-based employee benefit plans, ABA warned of unintended consequences regarding the requirement for auditors to post findings on specific benefit plan provisions.

The American Institute of CPAs has extended the deadline for comments on proposed changes to auditing standards relating to employee benefit plans.

With changes to bank accounting on the horizon, including the Financial Accounting Standards Board’s Current Expected Credit Loss accounting standard and upcoming requirements to disclose bank loans at their so-called “exit price,” ABA noted that many auditing firms will need to employ experts and pricing specialists and that banks will need to greatly expand the documentation supporting their estimates.

The Public Company Accounting Oversight Board today approved a new auditor reporting standard aimed at providing more relevant information to investors.

Many community banks are likely to save on yearly consulting and audit costs as a result of revisions made to the Financial Accounting Standards Board's understanding of what defines a public business entity.

In a sharp retort to the Public Company Accounting Oversight Board’s proposal to change the standard auditors report, the ABA called on the PCAOB to suspend the project and provide transparency over audit expectations to both auditors and the companies they are auditing. The proposal, which largely reflects requirements recently implemented in Europe, would require auditors to discuss how they ...

ABA last week offered a mixed review of the Financial Accounting Standards Board’s proposed changes to the fair value disclosure requirements for private entities.

The FDIC, OCC and Federal Reserve today issued a joint advisory supporting the Basel Committee’s March 2014 external audit guidance for large, internationally active banks and offering recommendations for addressing the differences between U.S. standards and practices and those specified by the Basel guidance.

Warning the SEC that a stringent governance process is no guarantee that financial statements will never need restatement, ABA yesterday questioned the need for expanded disclosures of audit committee practices.