In 2018, the GAO asked us to evaluate the auditee against the COSO model of internal controls. Now in 2024, the GAO is asking us to apply COSO concepts to our own audit organization. Karma!
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The New Quality Management Standards
In this special episode of THE SAMPLE, Leita Hart-Fanta, CPA talks to Charles Hall, CPA about the new Quality Management Standards.
3 Roles on an Audit Engagement
GAGAS section 4.10 reminds us professional maturity depends on our ability to tolerate uncertainty and ambiguity. The 3 roles on an audit engagement generally include non-supervisory auditors, supervisory auditors and partners/directors.
Expanding Requirements for an Annual Internal Assessment of Quality
The GAGAS 2023 exposure draft proposes an audit leader reaches one of three conclusions after their annual internal assessment of quality.
The GAO wants us to think about Audit Quality
The 2023 GAGAS exposure draft proposes auditors apply a formal three-step process to protect audit quality.
Safeguards to Independence
One of the best safeguards to independence is to withdraw from the audit engagement entirely. Fortunately, that’s not the only solution.
Parallelism and Paul Simon
Make your audit reports more dynamic by using parallelism: Similar words, phrases, bulleted lists and other grammatical elements to emphasize similar ideas in a sentence.
Independence is Required of a CPA Performing Yellow Book Audits
It is no surprise that independence is required of a CPA performing Yellow Book audits, but what does surprise many CPAs is how directly the GAO addresses one bad habit that CPA’s continue to engage in.
What is the job of an auditor?
Auditors, I suggest you keep your job title on the down-low when meeting someone new at a party. Why? Because just as soon as you reveal you are an auditor, your new acquaintance will get very quiet. Shortly thereafter, your not-yet (and likely will-never-be) friend will leave to get a drink and never come back. […]
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