Browsing: Audit


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.


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 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.

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