Auditing
Keep up to date on the most recent audit-related developments
5/14/13 | Assurance services
On May 14, 2013, COSO published an updated Internal Control-Integrated Framework and related illustrative documents. This Dataline highlights noteworthy updates to the Framework, summarizes the purpose of the illustrative documents, and highlights key considerations for clients. Read more
Flashline
Flashline - Week ending May 16, 2013 (No. 2013-20)5/17/13 | Assurance services
PwC's weekly update on financial reporting. This week's topics include: Inaugural edition of "Private company reporter — A PCC meeting synopsis"... Dataline: Cumulative translation adjustment — A compromise to achieve consistency... Register for PwC's Leasing Webcast Series — May 29 & June 11... and more.
10Minutes
10Minutes on why the COSO Update deserves your attention5/14/13 | Risk Assurance
COSO has published a PwC-authored update to its framework, the first in over 20 years, which gives you an opportunity to refresh your controls for today's environment.
Dataline
Dataline: COSO issues the updated Internal Control-Integrated Framework and related illustrative documents (No. 2013-09)5/14/13 | Assurance services
On May 14, 2013, COSO published an updated Internal Control-Integrated Framework and related illustrative documents. This Dataline highlights noteworthy updates to the Framework, summarizes the purpose of the illustrative documents, and highlights key considerations for clients.
Flashline
Flashline - Week ending May 9, 2013 (No. 2013-19)5/9/13 | Assurance services
PwC's weekly update on financial reporting. This week's topics include: 10Minutes on conflict minerals... Point of view: Consolidation—A single model would enhance information reported to investors... FASB proposes amendments to Codification glossary terms... and more.
In brief
In brief: PCAOB reproposes related parties auditing standard and related amendments (No. 2013-25)5/9/13 | Assurance services
The PCAOB reproposed a related parties auditing standard and amendments on significant unusual transactions and financial relationships with executive officers. This In brief article provides an overview of the key aspects of the reproposal.
Point of view
Point of view: Consolidation - A single model would enhance information reported to investors5/6/13 | Assurance services
This Point of view highlights that a single definition of control leading to one consolidation model in the U.S. would benefit all stakeholders.
Webcast
Q2 2013 Current Accounting and Reporting Developments webcast - June 19, 2013Assurance services
Hosted by PwC's National Professional Services Group, these quarterly webcasts are designed to keep you informed about emerging accounting, regulatory, and market developments impacting financial reporting. Please join us on Wednesday, June 19 at 1:00pm ET for this 90 minute webcast featuring insights from a broad range of PwC specialists who will update you on current technical topics and emerging issues that may impact your business.
Corporate Governance Series
BoardroomDirect: Update on current board issues - April 20134/25/13 | Center for Board Governance
This issue of BoardroomDirect® addresses cybersecurity risk being a board priority, the SEC applying website guidance to company social media use, the US Chamber publishing proxy advisor principles, PwC‘s 2013 State of the Internal Audit Profession Survey, NYC attorneys asking NYSE to reconsider its audit committee risk rule, and COSO issuing an updated framework next month.
Webcast
Were you unable to attend the Q1 2013 Current Accounting and Reporting Developments webcast ? Watch our on-demand version (CPE eligible)Assurance services
Did you miss the Q1 2013 "Current Accounting & Reporting Developments" webcast on March 20? If so, you still have an opportunity to view the webcast and earn CPE credit. Find out how.
- The audit (Insights from the Investment Community)
4/15/13 | PwC Investor Resource Institute
Accurate and reliable financial statements are essential to the effective functioning of the capital markets. To that end, auditors play an important role by executing independent and objective audits of the financial statements that are prepared by management.
In brief
In brief: PCAOB proposes framework for reorganization of PCAOB auditing standards (No. 2013-17)3/29/13 | Assurance services
On March 26, the Public Company Accounting Oversight Board (PCAOB) proposed a framework for reorganizing the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system (the "Release"). In addition, the PCAOB is proposing certain related amendments to its rules and auditing standards, and proposing to rescind certain interim auditing standards that the PCAOB believes are no longer necessary under the proposed reorganization. The Release states that the amendments are not expected to impose new requirements on auditors or substantively change the requirements of the PCAOB standards.
Setting the standard
Setting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- March 20133/25/13 | Assurance services
Our Q1-2013 edition provides updates on the latest developments in revenue recognition, classification and measurement of financial instruments, impairment of financial assets, leases, insurance contracts, and more.
PwC comment letter (IASB)
PwC Comments on Tentative agenda decision: IAS 10 Events after the reporting period—Reissuing previously issued financial statements3/19/13 | Global accounting consulting services
Following consultation with members of the PwC network of firms, this response summarizes the views of member firms who commented on the tentative agenda decision, published in the January 2013 edition of IFRIC Update.
Quarter close
The quarter close — First quarter 2013: Publication and new video perspectives3/18/13 | Assurance services
This edition of The quarter close highlights current developments in financial reporting, including key standard-setting developments in revenue, financial instruments, and other hot topics, as well as SEC and PCAOB regulatory updates.
- Regulatory and standard-setting developments -- March 18, 2013
3/18/13 | Assurance services
This document provides a high-level summary of activities of the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB), and others that may be of interest to audit committees, companies, and their stakeholders. It includes some of the relevant regulations, standards, and guidance that were recently issued or are on the horizon, both inside and outside of the U.S.
EITF observer
EITF observer: A meeting synopsis - March 20133/18/13 | Assurance services
At the EITF's March 14 meeting, the Task Force discussed four Issues, reaching a final consensus on two issues (12-B and 12-G) and consensus-for-exposure on one Issue (13-B). Further discussion is expected on one issue (12-F). This edition of EITF observer provides a synopsis of the meeting.
Webcast
PwC's 2013 State of the Internal Audit Profession: The Audit Committee Perspective webcast – March 26, 2013Risk Assurance
In this webcast, PwC looks at the latest trends and themes presented in our 2013 State of the Internal Audit Profession Study. This webcast also features a panel of experienced Audit Committee members who share their perspectives on risk and internal audits role in helping companies manage the evolving risk landscape facing companies today.
- Demystifying the audit
2/20/13 | PwC Investor Resource Institute
This Insights for the Investment Community explains what the auditor does, what the auditor does not do, and how to better understand the audit opinion.
- Connecting the dots on risk: Internal audit departments developing comprehensive view
2/20/13 | Power & utilities
Internal audit executives in the power and utilities industry are responding to a more complex operating environment by collaborating with other risk assurance providers to generate a more complete view of risks facing their organization. This report presents the findings from PwC's Power and Utilities Chief Audit Executives Survey.
- 2012 technical update for the power and utilities industry
2/8/13 | Power & utilities
PwC's US Power and Utilities sector have released their 2012 technical update which provides our insights on emerging and ongoing accounting issues to support senior accounting and financial reporting personnel as they address year-end financial reporting issues.
- FEI President and CEO’s 2013 Top Challenges For Financial Executives
2/7/13
Financial Executives International (FEI) presents the top challenges for financial executives for 2013. Among key challenges are financial reform, ICEFR, cybersecurity, U.S. deficit and debt, taxes, private company accounting, IFRS, FASB/SEC appointments, health care, etc.
Corporate Governance Series
BoardroomDirect: Update on current board issues - January 20132/7/13 | Center for Board Governance
This issue of BoardroomDirect® covers PwC’s Key questions for board and audit committee members and 16th Annual Global CEO Survey, the need for directors to understand IT and social governance, the latest news on the 2013 proxy season, the new audit committee communication auditing standard, and the nomination of Mary Jo White as the next SEC chair.
Webcast
Trends in Power and Utilities Auditing: Highlights from the 2012 Chief Audit Executive Survey Webcast – February 13, 2013Power & utilities
This PwC webcast is designed to provide insight into new and emerging issues to help provide practical guidance for power and utilities internal audit departments, and features the results of our eighth-annual Chief Audit Executive Survey.
Corporate Governance Series
Key questions for board and audit committee members, 2013 edition1/31/13 | Center for Board Governance
The 2013 edition addresses current regulatory activities in Washington, significant financial reporting matters, the new tax law and potential corporate tax reform, information technology oversight, as well as other topics that boards and audit committees should discuss with management at year-end and throughout the year.
PwC comment letter (AICPA)
PwC Comments on Proposed AICPA Financial Reporting Framework for Small- and Medium-Sized Entities1/29/13 | Assurance services
PwC fully supports efforts to enhance financial reporting for private companies, and believes that the most appropriate way to achieve meaningful change for private company stakeholders is through the collaborative efforts of the recently established Private Company Council (PCC) and the FASB. However, should the AICPA decide to issue this new non-GAAP framework, our comment letter provides observations and recommendations on changes the AIPCA should make to minimize confusion and enhance clarity. ...
Corporate Governance Series
To the point: Current issues for boards of directors - Winter 20131/28/13 | Center for Board Governance
The Winter 2013 focuses on what directors should know about (1) new guidance from the SEC and DOJ about the Foreign Corrupt Practices Act and (2) policy updates from the ISS on executive compensation, board response to proposals with majority shareholder support, and hedging of company stock. It also includes an article on what directors should understand about data security and the likelihood of a cyberattack on their company.
EITF observer
EITF observer: A meeting synopsis - January 20131/21/13 | Assurance services
At the EITF's January 17 meeting, the Task Force discussed seven Issues, reaching a final consensus on two issues (11-A and 12-D) and consensus-for-exposure on two Issues (13-A and 13-C). Further discussion is expected on three issues (12-B, 12-F and 12-H). This edition of EITF observer provides a synopsis of the meeting.
In brief
In brief: FASB proposes new model for accounting for credit losses on debt instruments (No. 2012-60)12/21/12 | Assurance services
This week, the FASB issued a proposal that introduces a new model for accounting for credit losses on debt instruments. The proposal calls for an entity to recognize an allowance for credit losses based on its current estimate of contractual cash flows not expected to be collected. The FASB’s proposed model eliminates any threshold required to record a credit loss and allows entities to consider a broader information set when establishing their allowance for loan losses. In addition, the model aims to simplify current practice by replacing today’s multiple impairment models with one model that applies to all debt instruments. This In brief article provides an overview of the proposal.
In brief
In brief: FASB clarifies scope of nonpublic entity fair value disclosure exemption (No. 2012-59)12/20/12 | Assurance services
On December 19, 2012, the FASB met to clarify the applicability of an exemption from a specific fair value disclosure for nonpublic entities. The board decided to clarify that all nonpublic entities are exempt from the requirement to disclose the categorization by level of the fair value hierarchy for items disclosed but not measured on the balance sheet at fair value. This In brief article provides an overview of the board's decision and what's next.
Corporate Governance Series
BoardroomDirect: Update on current board issues - December 201212/19/12 | Center for Board Governance
This issue of BoardroomDirect® covers the relationship between the board and CIO regarding IT oversight, PwC's Our focus on audit quality report, the latest SEC whistleblower data, the SEC's leadership change and the release of a resource guide on the Foreign Corrupt Practices Act.
Setting the standard
Setting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- December 201212/19/12 | Assurance services
There is no shortage of activity to report this quarter as the boards forged ahead on their major convergence projects. The FASB and IASB made several key decisions as they move closer toward issuing exposure drafts and final standards. In the Q4-2012 edition of Setting the standard, we update you on the latest developments of the joint standard setting projects of the FASB and IASB, as well as the latest on FASB-only projects.
Webcast
Closing the access loop: effective techniques to manage segregations of duties and sensitive access – January 22, 2013Risk Assurance
Many organizations are surprised and frustrated to learn that just implementing SAP GRC Access Risk Analysis does not resolve your SOD/SA issues. We hope you can join PwC for this webcast so that we can share ideas on how you can optimize your ruleset from both a compliance and risk perspective.
Point of view
Point of view: Assessing going concern -- Stakeholders would benefit from clarity in U.S. disclosure requirements12/17/12 | Assurance services
During the recent economic downturn, some stakeholders were surprised to learn that companies faced liquidity issues. As a result, the FASB and PCAOB are currently revisiting the accounting and auditing guidance around going concern assessments. Our Point of view on assessing going concern highlights that a standard that will require a company to provide earlier and more frequent, scalable disclosures that increase if conditions deteriorate will benefit stakeholders. However, we recognize that the auditor's role under the existing auditing standards is important to stakeholders. We believe improvements in the reporting model will be achieved most effectively by accounting and auditing standard setters working together to develop complementary standards.
Quarter close
The quarter close — Fourth quarter 2012: Publication and new video perspectives12/12/12 | Assurance services
This edition of The quarter close has the latest updates and timely reminders to help you navigate your year-end reporting process with a number of hot topics, including fair value, asset impairments, pensions, valuation allowances, and more.
PwC comment letter (AICPA)
PwC Comments on Omnibus Proposal of the AICPA Professional Ethics Division - September 19, 201212/11/12 | Assurance services
PwC supports the PEEC's stated objective of clarifying the circumstances under which the AICPA Code of Professional Conduct applies to services provided by its members. PwC recommends that prior to adopting its proposal, the PEEC should further consider three things: (1) whether the PEEC's proposed revision to the definition of professional services will have the unintended effect of sweeping in services that have no connection with or relationship to the practice of accountancy; ...
Dataline
Dataline: 2012 year-end accounting and reporting considerations - Leading practices and lessons learned on key topics (No. 2012-20)12/3/12 | Assurance services
This year end, entities continue to face many complex financial reporting issues such as providing new fair value disclosures, accounting for debt modifications, and evaluating revenue recognition guidance. Economic challenges around the world continue to have broad financial reporting implications. While not an all-inclusive list, this Dataline is intended to serve as a timely reminder of leading practices and lessons learned on key issues that companies should consider as they navigate the year-end financial reporting process.
Dataline
Dataline: COSO's proposed Internal Control Compendium, updated Framework, and Illustrative Tools (No. 2012-18)11/27/12 | Assurance services
On December 19, 2011, COSO issued an exposure draft of the proposed Internal Control-Integrated Framework (the updated Framework) for public comments that ended on March 31, 2012. This Dataline highlights the more noteworthy changes to the updated Framework, including requirements set out for effective internal control. It also summarizes the purpose of the companion documents to the updated Framework and highlights key considerations for companies, including transition to the updated Framework.
- Current developments for mutual fund audit committees: September 30, 2012
11/16/12 | Asset management
This edition of Current Developments includes articles on the adoption of a new Auditing Standard by the PCAOB, regulatory highlights from a PwC Mutual Fund Directors Roundtable, and potential implications for mutual funds surrounding the uncertain fate of the 2001 and 2003 tax cuts.
Corporate Governance Series
BoardroomDirect: Update on current board issues - November 201211/9/12 | Center for Board Governance
This issue of BoardroomDirect® from PwC covers income tax accounting, bridging the IT confidence gap, proxy issues, auditor evaluation tool for audit committees, and FASB and IASB make progress on revenue redeliberations.
Corporate Governance Series
To the point: Current issues for boards of directors - Fall 20129/20/12 | Center for Board Governance
The Fall 2012 edition focuses on (1) the SEC's new conflict minerals disclosure rule, (2) the results of the PwC’s 2012 Annual Corporate Directors Survey, and (3) the PCAOB's new standard to foster communications between auditors and audit committees.
Dataline
Dataline: Disclosures about liquidity risk and interest rate risk -- A closer look at the proposed standard (No. 2012-12)9/18/12 | Assurance services
In June 2012, the FASB issued a proposal that would require companies to provide new disclosures about liquidity and interest rate risks. The proposal calls for quantitative exhibits and qualitative disclosures about risks arising from an entity's recorded and unrecorded financial instruments and cash flow obligations. Additionally, it provides separate disclosure requirements for any entity or segment defined as a "financial institution." This Dataline looks at the proposed disclosures and offers our observations.
In brief
In brief: COSO releases "Internal Control over External Financial Reporting: Compendium of Approaches and Examples" for public comment (No. 2012-43)9/18/12 | Assurance services
On September 18, 2012, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released the Internal Control over External Financial Reporting: Compendium of Approaches and Examples (the Compendium) for public comment through November 20, 2012. In conjunction with the release of the Compendium, COSO has made available two other documents. This In brief article provides an overview of the Compendium.
Quarter close
The quarter close — Third quarter 2012: Publication and new video perspectives now available9/17/12 | Assurance services
This edition of The quarter close highlights the SEC report on IFRS, the latest on conflict minerals, health care reform, and several FASB releases that are sure to keep you busy this fall. Video perspectives are also now available.
Dataline
Dataline: Leases -- One size does not fit all: A summary of the boards' redeliberations (No. 2012-11)9/17/12 | Assurance services
The FASB and IASB jointly issued the initial leases exposure draft in August 2010 (the "initial ED"). A majority of the over 800 comment letters received raised significant concerns about the proposals. Redeliberations began in January 2011 and were substantially completed in July 2012. A "revised ED" is planned for the end of November 2012 (although this may slip into early 2013), with a 120-day comment period. This Dataline looks at both the lessee and lessor proposed accounting models that will be included in the revised ED.
EITF observer
EITF observer: A meeting synopsis - September 20129/13/12 | Assurance services
At the EITF's September 11 meeting, the Task Force discussed five Issues, reaching a final consensus on three issues (12-A, 12-C and 12-E) and consensus-for-exposure on two Issues (11-A and 12-G). This edition of EITF observer provides a synopsis of the meeting.
- Current Developments for mutual fund audit committees: June 30, 2012
8/30/12 | Asset management
This edition of mutual fund audit committee current developments highlights non-agency residential mortgage-backed securities, changes to consolidation as outcome of proposed entity definitions, and FATCA implementation updates.
In brief
In brief: PCAOB adopts Auditing Standard related to audit committee communications (No. 2012-35)8/17/12 | Assurance services
On August 15, the PCAOB adopted Auditing Standard No. 16, Communications with Audit Committees (AS 16). The standard establishes requirements that enhance the relevance and quality of the communications between the auditor and the audit committee, and is intended to foster constructive dialogue between the two on significant audit and financial statement matters. The enhanced communications may benefit audit committees in their oversight responsibilities and auditors in conducting effective audits. The standard and related amendments, if approved by the SEC, will be effective for public company audits of fiscal periods beginning after December 15, 2012...
- Fortifying your defenses - The role of internal audit in assuring data security and privacy
7/16/12 | Internal audit services
Companies should construct three lines of defense, with internal audit playing a critical role in providing assurance around data security and privacy controls and practices.
Corporate Governance Series
The quarter close - Directors edition: A look at this quarter's financial reporting issues - Q2 20126/21/12 | Center for Board Governance
This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues developments. The Q2-2012 edition discusses items including the JOBS Act, the latest on lease accounting, how the fate of health care reform could impact your company this quarter, more on uncertainly in the Eurozone, a proposed new disclosure on liquidity and interest rate risk, an update on Dodd-Frank implementation, SEC push back on non-GAAP measures, IFRS, possible alternatives to mandatory audit firm rotation, PCAOB standard setting, recent FASB activity, corporate governance and more.
PwC comment letter (PCAOB)
PwC Comments on Proposed Auditing Standard on Related Parties and Related Amendments to PCAOB Auditing Standards5/31/12 | Assurance services
PwC generally supports the proposals and believes they will heighten the auditor's focus on the potential for material misstatement, particularly material misstatement due to fraud, arising from relationships and transactions with related parties, significant unusual transactions, and financial relationships and transactions with executive officers.
Point of view
Point of view: Mandatory audit firm rotation: Why other changes would be better for investors5/24/12 | Assurance services
Objectivity, independence, and professional skepticism are fundamental to audit quality. Mandatory audit firm rotation would not enhance audit quality.
Point of view
PCAOB Proposed Auditor Reporting Model Changes: Evaluating auditor assurance on information outside of the financial statements5/9/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including auditor assurance on information outside of the financial statements.
Point of view
Point of view: PCAOB Proposed Auditor Reporting Model Changes: Evaluating auditor's discussion and analysis5/8/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including evaluating auditor's discussion and analysis
Point of view
Point of view: PCAOB Proposed Auditor Reporting Model Changes: Evaluating expanded use of emphasis paragraphs5/8/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including the expanded use of emphasis paragraphs
PwC comment letter (PCAOB)
PwC Comments on Proposed Amendments to Conform the PCAOB's Rules and Forms to the Dodd-Frank Act and Make Certain Updates and Clarifications5/8/12 | Assurance services
PwC believes that the audits of brokers and dealers should be conducted in accordance with PCAOB auditing and attestation standards once the SEC adopts Rule 17a-5 and, therefore, supports the changes to the Board's rules to reflect its pending jurisdiction over the auditors of brokers and dealers.
- Disclosure management: Streamlining the Last Mile
3/21/12 | Assurance services
Current manual report assembly and review processes can be enhanced through effective implementation of Disclosure Management applications. Disclosure Management applications enable streamlining of current "Last Mile" manual report assembly and review processes. Companies can increase net benefits by gaining a clear understanding of common reporting process enhancements.
- Potential Impacts to the Industry from the GAO Study Regarding DCAA Access to Internal Audit Reports
3/12/12 | Advisory services
In its December 8, 2011 report to the US Senate Committee on Armed Services, the US Government Accountability Office (GAO) reported findings and recommendations resulting from its audit of the use of internal audit reports and work papers by the Defense Contract Audit Agency (DCAA).
- Regulatory reform and the role of internal audit
3/8/12 | Third party assurance
The near collapse of the world economy triggered regulatory reforms with the power to fundamentally change how financial services organizations do business. As the financial services industry responds to an unprecedented level of evolving regulatory reform, internal audit functions must adapt to meet the challenge. This PwC publication will help companies better understand the risks associated with the new regulations and provide internal audit professionals with practical areas of focus and best practices related to these changes.
- PwC 2012 State of the Internal Audit Profession Study
3/7/12 | Internal audit services
PwC’s 8th annual examination of the internal audit profession, focuses on this rising importance of risk management and internal audit's contribution by taking a closer look at how stakeholders and board members view critical risks and the role internal audit could be playing.
PwC comment letter (PCAOB)
PwC Comments on Proposed Auditing Standard Related to Communications With Audit Committees; Related Amendments to PCAOB Standards; and Transitional Amendments to AU Sec. 3802/29/12 | Assurance services
PwC commends the Board for issuing a re-proposal of the proposed standard and appreciate the Board's responsiveness in considering, addressing and providing feedback with respect to comments received on the original proposal. In the letter, PwC respectfully offers some suggestions that it believes will further improve the proposal.
Podcast
PwC's Professional Development Program podcast series - Getting the Right FitAsset management
In this podcast, PwC risk assurance professionals discuss the primary reporting standard applicable to service organizations and service providers. Specifically, the podcast addresses American Institute of Certified Public Accountants (AICPA) Attestation Standard 101 (AT 101).
- Climbing to greater insight and impact
2/7/12 | Power & utilities
Results from the PwC Power and Utilities 6th Annual Chief Audit Executives Survey show that Internal audit leaders at power and utility companies focus on aligning their value proposition with stakeholders’ expectations and on leveraging technology.
Corporate Governance Series
Continuing the conversation - Directors speak2/2/12 | Center for Board Governance
PwC's new publication series is intended to deliver timely content on current issues facing directors of public companies. The second edition in the series focuses on the concerns of director participants at the peer exchanges hosted by PwC in Arizona, New York, and Florida. The SEC enforcement agenda and whistleblower bounty program, CEO succession, executive compensation, and IT risk were among the issues on audit committee members' minds.
PwC comment letter (SEC)
PwC Comments on the SEC's Revisions to Auditor Independence Requirements1/31/12 | Assurance services
PwC provides its perspective on the rules to be reviewed in accordance with the requirements of the Regulatory Flexibility Act. PwC's comments are focused on auditor independence requirements approved by the SEC in November 2000, highlighting areas where the firm believes those rules may have a detrimental impact on small companies, investors and the U.S. capital markets.
Corporate Governance Series
Continuing the conversation - Board renewal1/24/12 | Center for Board Governance
PwC's new publication series is intended to deliver timely content on current issues facing directors of public companies. This edition focuses on Board renewal and addresses the importance of diversity in the boardroom, with a specific focus on diversity of gender and race. It continues a conversation we started at a Fall 2011 Opportunities for Women in the Boardroom event hosted by PwC and the National Association of Corporate Directors.
PwC comment letter (PCAOB)
PwC Comments on Improving Transparency of Audits: Proposed Amendments to PCAOB Auditing Standards and Form 21/10/12 | Assurance services
Although supportive of the Board's objective, PwC is not convinced that these proposals will provide meaningful information to investors and other users of audit reports and enhance audit quality. PwC also believes that concerns remain about the potential litigation impact on the persons identified in the report. However, in the interest of promoting transparency in audits, PwC supports the identification of the engagement partner in Form 2.
PwC comment letter (PCAOB)
PwC Comments on Concept Release on Auditor Independence and Audit Firm Rotation12/15/11 | Assurance services
PwC does not support mandatory audit firm rotation, a possible new requirement the Concept Release explores in-depth. There does not appear to be evidence of a correlation between extended audit tenure and diminished audit quality. PwC supports considering other alternatives to further enhance audit quality, including with respect to auditor independence, objectivity and professional skepticism, which build on reforms made thus far and focus on enhancing auditor and audit committee communications and disclosures.
Dataline
Dataline: Highlights of the 2011 AICPA National Conference on Current SEC and PCAOB Developments (No. 2011-37)12/15/11 | Assurance services
The 2011 AICPA National Conference on Current SEC and PCAOB Developments was held on December 5, 6, and 7, 2011. Similar to prior years, the Conference hosted representatives from regulators and standard setters, along with auditors, users, preparers, and industry experts who expressed views on a wide range of important accounting, auditing, and financial reporting topics. We provide you highlights of the topics discussed at the Conference in this Dataline.
PwC comment letter (IFAC)
PwC Comments on IAASB Consultation Paper: Enhancing the Value of Auditor Reporting: Exploring Options for Change10/26/11 | Global accounting consulting services
PwC global network of firms believes that the time is right to significantly enhance auditor reporting. Valuable enhancements can be made now that move us some way to achieving the goal of more informative and valuable auditor reporting. As solutions are developed, it is critical that there be active, continuous and open dialogue amongst auditing standard setters, regulators, users and other stakeholders. PwC global network urges the IAASB to work in collaboration with the PCAOB in relation to their respective consultation papers to develop solutions that work globally.
PwC comment letter (PCAOB)
PwC Comments on Concept Release on Possible Revisions to PCAOB Standards Related to Reports on Audited Financial Statements and Related Amendments to PCAOB Standards10/4/11 | Assurance services
PwC commends the PCAOB for its outreach to investors and others as a basis for developing the Concept Release and for its continued outreach via the public roundtable held on September 15, 2011. Results of that outreach clearly call for changes to the auditor's reporting model to increase its transparency and relevance. PwC believes the time is right for changes to the auditor's reporting model, and further agree with the Board that any change cannot compromise audit quality.
PwC comment letter (IFAC)
PwC Comments on Proposed ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information9/15/11 | Global accounting consulting services
PwC global network of firms believes that the proposed standard provides a strong basis for the performance of all assurance engagements and will facilitate consistent high quality engagements, capable of being supplemented by clearly tailored topic-specific ISAEs as required, in response to the needs of users. PwC global network also believes that the revisions to the requirements and application material to better articulate the defining characteristics of a limited assurance engagement, together with the principles and differences between attestation and direct engagements, are useful.
PwC comment letter (AICPA)
PwC Comments on Proposed Principles and Criteria for XBRL-Formatted Information8/11/11 | Assurance services
PwC supports the AICPA Assurance Services Executive Committee's decision to develop a set of principles and criteria to evaluate information formatted in XBRL. PwC recommends, however, before finalizing the principles and criteria, the AICPA discuss with the SEC whether the SEC would accept examination reports using the principles and criteria given that they are not meant to be the criteria for evaluating compliance with SEC rules, and also evaluate whether additional feedback from preparers and users should be obtained. PwC also suggested some changes to the principles and criteria.
PwC comment letter (AICPA)
PwC Comments on AICPA Professional Ethics Division Omnibus Proposal - Interpretations and Rulings6/7/11 | Assurance services
PwC is generally in agreement with most of the proposals in the exposure draft and provides some observations that the Firm believes would improve the proposal. With respect to the proposed definition of "confidential client information" in ET Section 92, as well as the proposed revisions to Ethics Ruling No. 2, "Distribution of Client Information to Trade Associations," under Rule 301, PwC believes that the proposed revisions create additional compliance parameters, yet PEEC has provided no evidence of concerns raised by clients or issues or breaches that client companies have raised regarding either violations of the current guidance, or its being inadequate as currently written. PwC, therefore, recommends that the PEEC obtain...
PwC comment letter (IFAC)
PwC Comments on IAASB Consultation Paper: Proposed IAASB Strategy and Work Program for 2012-20144/18/11 | Global accounting consulting services
In developing the IAASB strategy and work program for 2012-2014, PwC reflected on a number of factors that the Firm believes need to be considered beyond the relative priorities of possible projects alone. A number of developments and events will have a direct bearing on the expectations of stakeholders of the IAASB's activities and the respective priorities of both ongoing and future projects. PwC believes the IAASB will need to be suitably flexible as the outcome of some of these factors is not yet determined and, once known, may impact decisions on which, and how many, projects should be undertaken.
PwC comment letter (IFAC)
PwC Comments on Proposed ISRS 4410, Compilation Engagements (Revised)4/18/11 | Global accounting consulting services
PwC believes that the revision of extant ISRS 4410, and adoption of the clarity drafting guidelines, will serve to enhance understanding, of both users and practitioners, of the nature and scope of compilation engagements and of the distinguishing features of such engagements, as compared to other assurance type engagements. PwC supports the objective and overall work effort described in the proposed standard. The Firm also agrees with the principles on which the requirements, that describe the practitioner's work effort, are based.
PwC comment letter (IFAC)
PwC Comments on Proposed IAPS 1000, Special Considerations in Auditing Complex Financial Instruments3/29/11 | Global accounting consulting services
PwC supports the proposed IAPS and its practical guidance given the prevalence of fair value accounting and the global economic environment, which continues to present challenges in the valuation of complex financial instruments and disclosures about risk and uncertainties. PwC supports the detailed audit considerations guidance in the proposed IAPS and believes that it will provide a useful source of guidance for those auditors with less experience in auditing complex financial instruments. PwC believes that there are some areas in the draft which interpret requirements and guidance in the ISAs in a manner that the firm is not convinced is appropriate, and could result in unnecessary work effort in some circumstances or may be...
Dataline
Dataline: Accounting and disclosure implications of the earthquake in Japan and related events (No. 2011-17)3/28/11 | Assurance services
On March 11, 2011, an earthquake struck off the northeast coast of Japan, triggering a tsunami. The power supply in certain parts of Japan has been cut-off with rolling blackouts scheduled in other areas. Further compounding the situation, nuclear power plants were damaged causing worries about the possible meltdown of nuclear reactors and the release of harmful radioactive materials. While not all-inclusive of the types of issues that may be created by these events, this Dataline discusses several accounting and disclosure-related matters companies may encounter in dealing with the financial reporting implications of these tragic events.
- 2011 state of the internal audit profession study
3/14/11 | Internal audit services
The 2011 State of the Internal Audit Profession Study highlights how internal audit leaders are responding to strategic growth, information technology, and regulation issues. Internal audit leaders recognize current risks and opportunities for their profession as well as the challenges they must face to capture these opportunities.
PwC comment letter (PCAOB)
PwC Comments on Proposal for Allocation of the Board's Accounting Support Fee Among Issuers, Brokers, & Dealers, and Other Amendments to the Board's Funding Rules2/15/11 | Assurance services
PwC believes that, consistent with the existing rule, the issuer, rather than the registered public accounting firm as is proposed, should be responsible for submitting notice to the PCAOB when a registered public accounting firm has signed an unqualified opinion or issued a consent to reissue a previously issued report in special circumstances when the issuer has outstanding a past-due share of the accounting support fee. If adopted as proposed, PwC asks that the Board explain its rationale for this change since its purpose is not clear.
Dataline
Dataline: Highlights of the 2010 AICPA National Conference on Current SEC and PCAOB Developments (No. 2010-44)12/16/10 | Assurance services
Last week's annual AICPA National Conference on Current SEC and PCAOB Developments focused on restoring public trust and investor confidence in the U.S. capital markets. Presenters called for all members of the financial reporting supply chain, including boards, management and auditors, to play a role in these efforts. This Dataline takes a closer look at the topics discussed at the conference.
PwC comment letter (IFAC)
PwC Comments on Proposed Revised ISA 610, Using the Work of Internal Auditors, and Related Enhancements to ISA 315 (Revised)11/30/10 | Assurance services
PwC believes that the proposed revisions will prove beneficial to external auditors in: (1) explaining how the internal audit function can inform the external auditor's understanding of the entity and risk assessment; and (2) determining if, and when, it is appropriate for the external auditor to use the work of internal audit.
PwC comment letter (IFAC)
PwC Comments on Proposed ISAE, Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus11/16/10 | Global accounting consulting services
PwC is concerned that the emphasis in the proposed standard on the "process to compile" may result in users underestimating the applicability and usefulness of the standard, and the level of assurance that the work effort actually supports. The firm suggests that certain proposals within the exposure draft, along with the title of the standard, be amended to refer to the "proper compilation" of the pro forma information.
PwC comment letter (PCAOB)
PwC Comments on Concept Release: Application of the "Failure to Supervise" Provision of the Sarbanes-Oxley Act of 200211/4/10 | Assurance services
The Concept Release requests comments on the concept of proposing rules requiring registered firms to make and document clear assignments of responsibility for implementation of Quality Control. Although supportive of the objective to clarify supervisory responsibilities, PwC does not believe separate rulemaking is necessary. Rather, the firm believes that this effort should be implemented through the quality control projects already on the Board's agenda. In addition, if the Board were to undertake separate rulemaking in this area, PwC supports a general framework of assignment and documentation rather than prescriptive rules.
PwC comment letter (AICPA)
PwC Comments on Proposed SSARS, The Applicability of Statements on Standards for Accounting and Review Services11/1/10 | Assurance services
PwC supports the proposed revision of paragraph .01 of AR 90, Review of Financial Statements, such that the SSARS would not apply to a review of interim financial information when the accountant audited the entityÆs latest annual financial statements and the appointment of an auditor to audit the current year financial statements is not effective prior to the beginning of the period covered by the review. ...
Dataline
Dataline: PCAOB Proposes New Auditing Standard on Confirmations (No. 2010-30)7/22/10 | Assurance services
On July 13, 2010, the PCAOB released for public comment a proposed auditing standard, Confirmation, and related amendments to its interim standards. The proposed standard includes updates to the PCAOB's existing interim standard to reflect significant advances in technology, including increased use of electronic communication methods, and proposes new requirements regarding the confirmation of specific accounts, confirmation procedures, and the evaluation of audit evidence obtained from performing confirmation procedures. It also contains proposed conforming amendments to existing standards. Comments on the proposed standard and amendments are due September 13, 2010. The standard would be effective for audits of fiscal years ending on...