Auditing

Keep up to date on the most recent audit-related developments

Point of view

Audit committee evolution - 2014 and beyond

12/4/14 | Assurance services

Find out how leading audit committees are evolving to meet the changing business and regulatory landscape. Read more

  • Flashline
    Flashline - Week ending April 23, 2015

    4/23/15 | Assurance services

    This week's PwC update on financial reporting developments includes: In brief: FASB simplifies the accounting for defined benefit plans... Around the world: When to account for tax law changes... Practical tip: Updating interim financial statements in registration statements... and more

  • Flashline
    Flashline - Week ending April 16, 2015

    4/16/15 | Assurance services

    This week's PwC update on financial reporting developments includes: In depth: Lease re-deliberations drawing to a close — The impact of recent decisions... In the loop: New revenue guidance — where does it stand?... PwC comments on IASB's proposed amendments to share-based payment standard... and more

  • Risk in review: Decoding uncertainty, delivering value

    4/14/15 | Risk Assurance

    In our 2015 Risk in review survey, over 1,200 global business leaders shared how they assess and manage risk in their markets. Results show that correctly managing business risks drives performance and revenue growth.

  • Flashline
    Flashline - Week ending April 9, 2015

    4/9/15 | Assurance services

    This week's PwC update on financial reporting developments includes: Point of view: FASB aims for simpler GAAP - Why changing the status quo is easier said than done... In the loop: Financial reporting implications of foreign currency volatility - what can your company do?... IFRS news - April 2015... and more

  • The alignment challenge: How strategic is your Enterprise Risk Management (ERM) program?

    4/8/15 | Risk Assurance

    Our second article in the series, The Alignment Challenge - How Strategic is Your ERM Program? provides actions to refocus ERM programs to better integrate risk management activities with strategic priorities.

  • Flashline
    Flashline - Week ending April 2, 2015

    4/2/15 | Assurance services

    This week's PwC update on financial reporting developments includes: In brief: FASB proposes one year deferral of new revenue standard... Accounting blog: What lower oil and natural gas prices mean for your business... PwC resources on FASB's new consolidation standard... and more

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - March 2015

    3/31/15 | Center for Board Governance

    This issue of BoardroomDirect® includes an article on the latest on the flurry of proxy access shareholder proposals in the 2015 proxy season and how the SEC is addressing an exclusion rule used by management to keep them off the ballot. There is also news about President Obama’s recent cybersecurity actions, ISS releasing FAQs on its equity plan scorecard, the NACD’s 2015 Public Company Governance Survey, SEC proposing rules for hedging disclosure, and FASB amending its consolidation guidance.

  • Corporate Governance Series
    The quarter close: Directors edition Q1 2015

    3/20/15 | Center for Board Governance

    This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.

  • Regulatory and standard-setting developments
    Regulatory and standard-setting developments - March 2015

    3/17/15 | Assurance services

    Summary of activities of the PCAOB, SEC, and FASB, and related international developments.

  • Video
    Compliance and the new COSO Framework: A principles-based compliance program

    3/17/15 | Forensic services

    PwC's Kristin Rivera and Glenn Ware discuss a principles based compliance program with Adrian Mebane, VP of Global Ethics & Compliance at The Hershey Company.

  • Video
    Compliance and the new COSO Framework: An appropriate response

    3/17/15 | Forensic services

    PwC's Kristin Rivera and Glenn Ware discuss appropriate risk response with Adrian Mebane, VP of Global Ethics & Compliance at The Hershey Company.

  • Video
    Compliance and the new COSO Framework: Aligning Fraud Risk Assessment with your ERM

    3/17/15 | Forensic services

    PwC's Kristin Rivera and Glenn Ware; along with Adrian Mebane, VP of Global Ethics & Compliance at The Hershey Company, talk through aligning Fraud Risk Assessment with ERM.

  • Video
    Compliance and the new COSO Framework: Defining today’s regulatory landscape

    3/17/15 | Forensic services

    PwC's Kristin Rivera and Glenn Ware; along with Adrian Mebane, VP of Global Ethics & Compliance at The Hershey Company, discuss fraud's material impact on financial reporting.

  • Video
    Compliance and the new COSO Framework: Fraud Risk vs. Fraud Threat

    3/17/15 | Forensic services

    PwC's Kristin Rivera and Glenn Ware discuss Fraud Risk Vs. Fraud Threat with Adrian Mebane, VP of Global Ethics & Compliance at The Hershey Company.

  • Video
    Compliance and the new COSO Framework: Expanding the definition of fraud

    3/13/15 | Forensic services

    PwC's Kristin Rivera and Glenn Ware discuss the expanded definition of Fraud in the COSO Framework with Adrian Mebane, VP of Global Ethics & Compliance at The Hershey Company.

  • Why risk assessments fail
    Steps to a successful enterprise risk management assessment

    3/13/15 | Risk Assurance

    An effective Enterprise Risk Management (ERM) assessment relies on a disciplined, continuous and business outcome focused approach. Challenges can come at any time during the risk assessment and preparation is key. With a proper understanding of the risks, a good communication strategy and process follow-through, the ERM assessment can be successful providing many benefits including contributing to the strategic and risk objectives of the organization.

  • Flashline
    Flashline - Week ending March 12, 2015

    3/12/15 | Assurance services

    This week's PwC update on financial reporting developments includes: Latest developments on implementation of the new revenue standard webcast... PwC comments on the GASB’s preliminary views on lease accounting... IFRS Taxonomy 2015... and more

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - February 2015

    3/3/15 | Center for Board Governance

    This issue of BoardroomDirect® includes an article on the latest on the flurry of proxy access shareholder proposals in the 2015 proxy season and how the SEC is addressing an exclusion rule used by management to keep them off the ballot. There is also news about President Obama’s recent cybersecurity actions, ISS releasing FAQs on its equity plan scorecard, the NACD’s 2015 Public Company Governance Survey, SEC proposing rules for hedging disclosure, and FASB amending its consolidation guidance.

  • Webcast
    2015 State of the Internal Audit Profession: Finding True North in a Period of Rapid Transformation - April 1, 2015

    Internal audit services

    In this webcast recording, PwC provides an in-depth look at the latest trends and themes presented in our 2015 State of the Internal Audit Profession Study.

  • Vendor Controls Assurance (SOC 2+): A cost effective approach to building customer trust

    2/24/15 | Risk Assurance

    The rate of global outsourcing of both core and support functions within organizations is rapidly rising. In an attempt to further reduce costs, organizations are asking that outsourced vendors play a larger role in supporting critical activities of the business. The result is increased pressure on service providers to provide greater transparency over their controls, so that their customers’ have assurance over their vendor’s operations. PwC’s Vendor Controls Attestation Report (SOC 2+) is designed to manage outsourcing risks and provide assurance over vendor controls, while saving both the vendor and customer money and time.

  • SOC 2 and 3: Building customer trust through controls reporting

    2/24/15 | Risk Assurance

    Organizations are increasingly looking to global markets for outsourcing as a means of reducing costs and increasing efficiencies. In order to receive assurance over their vendors’ operations, companies are demanding SOC (Service Organization Controls) reports prepared by independent auditors.

  • Corporate Governance Series
    Achieving excellence: Overseeing accounting changes– including the new revenue recognition standard (Audit Committee Excellence Series)

    2/6/15 | Center for Board Governance

    This edition addresses understanding proposed accounting changes, assessing financial reporting, disclosure and communication implications, and taking a holistic approach to an accounting change. The publication also discusses the new revenue recognition standard, financial reporting and adoption considerations, and the broader business implications.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - January 2015

    1/29/15 | Center for Board Governance

    This issue of BoardroomDirect® includes highlights of the 2014-2015 edition of PwC’s Key considerations for board and audit committee members. There is also an article on the what President Obama’s State of the Union speech could mean to companies. There is news about the SEC mulling over the shareholder proposal exclusion rule, the US Chamber of Commerce’s report on proxy advisory firms, Delaware Supreme Court affirming exclusive forum bylaws, the SEC’s new security-based swap rules and a report on building a fraud-resistant organization.

  • In brief
    In brief: IAASB issues final standards to improve auditor's report

    1/21/15 | Assurance services

    The IAASB standards apply to audits conducted in accordance with international standards, not PCAOB or AICPA standards.

  • PwC comment letter (IASB)
    PwC comments on the IASB's discussion paper on rate regulation

    1/21/15 | Global accounting consulting services

    PwC supports the IASB's going forward with a project on reporting the financial effects of rate regulation.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - December 2014

    12/23/14 | Center for Board Governance

    This issue of BoardroomDirect® includes highlights of the 2014 edition of the comparative report of PwC’s Annual Corporate Directors Survey and Investor Survey. There is also an article on the importance of board oversight of management’s social media policies and risk management plans. There is news about the proposed CEO/median pay ratio rule, the 2014 SEC whistleblower report to Congress, the PCAOB looking to issue a concept release on audit quality indicators, and the findings of an audit committee transparency barometer.

  • PwC comment letter (ASB)
    PwC comments on ASB's proposed SSAE on controls at service organizations

    12/23/14 | Assurance services

    PwC supports clarifying and recodifying the existing standard as a subject-matter specific chapter.

  • Corporate Governance Series
    The quarter close: Directors edition Q4 2014

    12/22/14 | Center for Board Governance

    This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.

  • In depth
    In depth: Collateralized financing entities-FASB provides new measurement alternative

    12/19/14 | Assurance services

    FASB provided new measurement alternative to reduce earnings volatility from the consolidation of securitized vehicles.

  • In depth
    In depth: 2014 year-end financial reporting considerations

    12/18/14 | Assurance services

    This publication provides reminders for companies as they navigate the year-end financial reporting process.

  • Regulatory and standard-setting developments
    Regulatory and standard-setting developments - December 2014

    12/15/14 | Assurance services

    This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

  • In depth
    2014 AICPA National Conference on Current SEC and PCAOB Developments

    12/15/14 | Assurance services

    Key themes of the 2014 AICPA Conference were disclosure effectiveness, comparability, and the need for simplification.

  • PwC comment letter (ASB)
    PwC comments on the ASB's proposed integrated audit SAS

    12/11/14 | Assurance services

    PwC supports moving integrated audit guidance for nonpublic companies from the attestation standards into GAAS.

  • Practical tip
    Practical tip: SEC filings considerations when a private company applies PCC standards

    12/11/14 | Assurance services

    This Practical tip explains presenting financial information of a private company applying PCC standards in SEC filings.

  • Video
    Regulatory update interview with Troy Paredes

    12/5/14 | Assurance services

    Get an insider view on the direction and discussions of the SEC with this interview of former commissioner Troy Paredes.

  • Point of view
    Point of view: Audit committee evolution - 2014 and beyond

    12/4/14 | Assurance services

    Find out how leading audit committees are evolving to meet the changing business and regulatory landscape.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - November 2014

    12/3/14 | Center for Board Governance

    This issue of BoardroomDirect® includes an article on the impact of the midterm elections on the boardroom and news about fee-shifting bylaws, proxy advisor 2015 policy updates, and the COSO survey on updating the ERM-integrated framework.

  • Practical tip
    Practical tip: Management’s internal control reporting for newly public companies

    12/1/14 | Assurance services

    This Practical tip provides guidance regarding Management’s internal control reporting requirements for newly public companies.

  • Video
    Top 5 financial reporting reminders 2014

    11/24/14 | Assurance services

    Preparing for the year end push? Hear our Top 5 accounting and reporting reminders going into year end.

  • If you hold a C-Suite title then PwC invites you to participate in our annual State of the Internal Audit Profession and Risk in Review Survey

    11/20/14 | Risk Assurance

    Over the years, thanks to the input of thousands of executives from a number of sectors and territories, we have gained significant insight into how organizations are addressing the evolving risk landscape. The findings are published in both PwC's State of the Internal Audit Profession Study and our Risk in Review Study.

  • Webcast
    Q1 Current Accounting and Reporting Developments Webcast - On demand (CPE-eligible)

    Assurance services

    We invite you to participate in our quarterly webcast, designed to keep you informed about emerging accounting, regulatory, and market developments impacting financial reporting. Watch a replay or participate in the on demand (CPE-eligible) version of this webcast.

  • PwC comment letter (AICPA)
    PwC comments on the AICPA's Enhancing Audit Quality discussion paper

    11/10/14 | Assurance services

    PwC strongly supports the AICPA's goals related to their enhancing audit quality initiatives.

  • Present and functioning: Fine-tuning your ICFR using the COSO update

    11/7/14 | Risk Assurance

    With the COSO’s 1992 Control Framework being superseded by the 2013 updated edition on December 15, 2014, now is the time for companies to use the updated framework to evaluate the effectiveness of their systems of internal control over financial reporting. This paper talks through the updated framework and these competencies to evaluate the effectiveness of companies’ systems of internal control over financial reporting.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - October 2014

    11/4/14 | Center for Board Governance

    This issue of BoardroomDirect® includes highlights from the 2014 Annual Corporate Directors Survey: Trends shaping governance and the board of the future. There is also news about how ISS equity compensation and independent chair proposal recommendations may change, SEC plans to hold universal proxy ballot roundtable in 2015, political contribution disclosure increasing in S&P 500, and the PCAOB proposal for a new form for engagement partner identification disclosure.

  • PwC comment letter (PCAOB)
    PwC comments on PCAOB paper on estimates and fair value measurements

    11/4/14 | Assurance services

    PwC is supportive of the project but offers recommendations to address what we see as potential practical challenges.

  • PwC comment letter (AICPA)
    PwC comments on PEEC proposed new interpretation on breach of independence

    10/9/14 | Assurance services

    PwC shared specific comments and suggestions concerning breaches (i.e., violations) of the Code of Professional Conduct.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - September 2014

    10/1/14 | Center for Board Governance

    This issue of BoardroomDirect® includes a summary and link to the latest edition of our Audit Committee Excellence Series (Achieving excellence: Overseeing external auditors.) There is also news about efforts by two large institutional investors to boost the number of female board members, what makes for an effective board self-evaluation, an update on Dodd-Frank rulemaking, and the FASB and PCAOB decisions regarding going concern disclosures

  • Metrics by design - A practical approach to measuring internal audit performance

    10/1/14 | Risk Assurance

    As leading internal audit functions have transformed to meet increasing expectations, metrics have become a critical tool for Internal Audit to demonstrate its value to the organization and drive its performance against stakeholder expectations. Building on key findings from PwC’s 2014 State of the Internal Audit Profession study, this paper explores how internal audit functions can leverage metrics to both communicate the value they are providing as well as drive results.

  • Corporate Governance Series
    The Quarter close: Directors edition Q3 2014

    9/24/14 | Center for Board Governance

    This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.

  • In depth
    In depth: FASB defines management’s going concern assessment and disclosure responsibilities

    9/24/14 | Assurance services

    The FASB issued new guidance which defines management's going concern assessment and disclosure responsibilities.

  • Regulatory and standard-setting developments
    Regulatory and standard-setting developments - September 2014

    9/22/14 | Assurance services

    This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

  • Corporate Governance Series
    Achieving excellence: Overseeing external auditors (Audit Committee Excellence Series)

    9/11/14 | Center for Board Governance

    This edition addresses communications with the external auditor, the audit committee chair’s working relationship with the lead audit partner, auditor independence, and the preapproval process for auditor services. The publication also discusses the external auditor relationship with internal audit; the influence of other parties, such as the PCAOB, Center for Audit Quality and proxy advisory firms; and evaluating the auditor, among other topics.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - August 2014

    9/4/14 | Center for Board Governance

    As cybersecurity has risen to the top of many boards’ risk management agendas, there is a more compelling need for clear dialogue between the C-suite and the board.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - July 2014

    8/25/14 | Center for Board Governance

    This issue of BoardroomDirect® includes an analysis of the audit committee's oversight of internal audit. There is also news about the SEC staff issuing proxy advisory firm guidance, ISS 2015 proxy voting policy survey, and more.

  • In brief
    In brief: PCAOB staff seeks comment on auditing estimates and fair value

    8/22/14 | Assurance services

    PCAOB staff is evaluating whether it can improve auditing standards for estimates and fair value.

  • Corporate Governance Series
    Achieving excellence: Overseeing internal audit (Audit Committee Excellence Series)

    7/29/14 | Center for Board Governance

    This edition discusses the directors’ role in maximizing internal audit’s value proposition, agreeing on internal audit’s mission, assessing leadership and resources, and other areas.

  • PwC comment letter (PCAOB)
    PwC comments on PCAOB's proposed framework to reorganize audit standards

    7/8/14 | Assurance services

    PwC believes the proposed framework will help users navigate PCAOB standards more easily, but suggests some enhancements.

  • In the loop
    In the loop: EU audit reform — the impact beyond Europe

    7/7/14 | Assurance services

    Audit reform in Europe could affect US multinationals.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - June 2014

    7/1/14 | Center for Board Governance

    This issue of BoardroomDirect® includes an article about the influence of activist shareholders and the role they play today in forcing change. There is also news about a Delaware bill that would prohibit fee-shifting bylaws, environmental groups warning boards of fossil fuel companies about climate-change litigation, the new converged revenue recognition standard, and the first round of conflict minerals disclosures.

  • Corporate Governance Series
    The Quarter close: Directors edition Q2 2014

    6/26/14 | Center for Board Governance

    The Q2 2014 edition focuses on five IPO reminders for boards, FASB's new guidance on discontinued operations, and the Venezuelan exchange rates.

  • Regulatory and standard-setting developments
    Regulatory and standard-setting developments - June 2014

    6/19/14 | Assurance services

    PwC's summary of recent activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

  • PwC comment letter (ASB)
    PwC comments on clarified subject-matter specific attestation standards

    6/5/14 | Assurance services

    PwC supports the clarification and recodification of the attestation standards but identifies possible improvements.

  • Deeper insights for greater strategic value: Oracle Advanced Controls (GRC) Study

    6/2/14 | Risk Assurance

    GRC Technology has become an increasingly critical factor for driving value (i.e., recovering profitability, increasing efficiency, detecting fraud, etc.) and automating manual compliance and risk management activity in the enterprise. Organizations have increased their adoption of Oracle Advanced Control (“AC”) to improve the oversight of corporate governance, including financial reporting compliance, enterprise risk management (ERM), and related audits. To better understand organizations’ awareness and how organizations are using (or considering using) Advanced Controls technology to drive value in an enterprise, PwC conducted an Oracle Advanced Controls study.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - May 2014

    5/30/14 | Center for Board Governance

    This issue of BoardroomDirect® includes an article about the meaning of risk appetite and the role the board and management play. There is also news about a Delaware court decision on fee-shifting bylaws, the new Venezuelan foreign currency exchange regime and an update on the 2014 shareholder proposals, the proposals for Audit Quality Indicators and the conflict minerals disclosure rule.

  • Evaluating environmental liabilities and their impacts on future earnings (Observations from the front lines)

    5/12/14 | US Capital Markets and Accounting Advisory Services

    Unexpected expenditures and accounting adjustments – like those arising from environmental obligations – can dramatically impact capital budgeting and future earnings. Companies have found that practices vary widely across sectors and both engineering and accounting expertise are critical in assessing environmental obligations.

  • PwC comment letter (ASB)
    PwC comments on proposed amendments to ASB's comfort letter standard

    4/16/14 | Assurance services

    PwC supports the objectives of the proposed SAS to avoid unintended changes to previous practice and to enhance clarity.

  • Point of view
    Point of view: Financial statement disclosures - Enhancing their clarity and understandability

    4/11/14 | Assurance services

    Preparers and others have a role in making sure footnote disclosures are clear and understandable.

  • 2014 State of the Internal Audit Profession Study

    4/2/14 | Risk Assurance

    Our annual State of the Internal Audit Profession, which includes responses from more than 1,900 chief audit executives (CAEs), internal audit managers, members of senior management, and board members, representing 24 industries and 37 countries, provided substantial insight into how internal audit is performing and the steps individual functions are taking to increase their contribution to their respective organizations.

  • Corporate Governance Series
    The Quarter close: Directors edition Q1 2014

    3/27/14 | Center for Board Governance

    This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.

  • Video
    COSO 2013 - ICFR Transition

    3/18/14 | Assurance services

    Highlights how clients can effectively leverage PwC's four-phased approach to transition to the COSO 2013 Framework and utilize the Phase 2 mapping template.

  • Regulatory and standard-setting developments
    Regulatory and standard-setting developments -- March 14, 2014

    3/14/14 | Assurance services

    This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

  • Empowering business agility: Strengthening Internal Audit’s impact and value

    2/4/14 | Power & utilities

    Findings from the eighth annual survey of power and utilities chief audit executives.

  • PwC comment letter (PCAOB)
    PwC comments on PCAOB's reproposal to disclose name of engagement partner and certain other participants in the audit

    2/4/14 | Assurance services

    PwC supports transparency about the engagement partner and audit participants through means other than the audit report

  • Corporate Governance Series
    The quarter close - Directors edition: A look at this quarter's financial reporting issues - Q4 2013

    12/23/13 | Center for Board Governance

    This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues that impact board decisions and company policies.

  • Corporate Governance Series
    Key considerations for board and audit committee members, 2013-2014 version

    12/19/13 | Center for Board Governance

    This report addresses the changing boardroom agenda and outlines topics that can provide a basis to help enhance the quality of board and management discussions in the coming year.

  • Regulatory and standard-setting developments
    Regulatory and standard setting developments - December 18, 2013

    12/18/13 | Assurance services

    This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

  • Dataline
    Dataline: Highlights of the 2013 AICPA National Conference on Current SEC and PCAOB Developments

    12/13/13

    SEC, PCAOB and FASB speakers were among the headliners at the 2013 AICPA Conference. Key themes included quality and transparency for financial reporting and audits.

  • PwC comment letter (PCAOB)
    PwC comments on PCAOB's proposed auditor reporting and other information standards

    12/12/13 | Assurance services

    PwC supports changes to the audit report and auditor's responsibilities for other information that are responsive to user feedback yet maintain or improve audit quality.

  • Dataline
    Dataline: Evaluating errors in previously-issued financial statements — Applying the "dual method"

    11/21/13 | Assurance services

    This Dataline outlines the framework (whether a restatement, revision, or out of period adjustment) for evaluating errors in previously-issued financial statements.

  • PwC comment letter (ASB)
    PwC comments on the ASB's attestation clarification and recodification proposal

    11/4/13 | Assurance services

    PwC supports the enhanced guidance in the clarity redraft, but identifies possible improvements.

  • PwC comment letter (AICPA)
    PwC comments on ASEC's proposed Trust Services Principles (TSP) and Criteria exposure draft

    10/8/13 | Assurance services

    While overall we agree with ASEC’s proposed restructuring and revised TSP and Criteria exposure draft, within our response we specifically highlighted and provided examples where some criteria could be further enhanced.

  • Auditor reporting: An overview of global developments

    10/3/13 | Assurance services

    There is plenty of evidence that investors value the auditor’s opinion on the financial statements. They don’t want to lose it. But in the wake of the financial crises, investors and other stakeholders began to call for auditor’s reports to be more informative. Auditors have unique and relevant insight based on their audits and investors and other stakeholders are asking auditors to share some of that insight.

  • Regulatory and standard-setting developments
    Regulatory and standard-setting developments -- September 19, 2013

    9/19/13 | Assurance services

    This document provides a high-level summary of activities of the FASB, PCAOB, SEC and related international developments.

  • PwC comment letter (FASB)
    PwC comments on the FASB's proposed ASU: Disclosures of Uncertainties about an Entity's Going Concern Presumption

    9/18/13 | Assurance services

    PwC supports the board's efforts to add guidance to US GAAP to provide consistency in determining when and how management should assess going concern uncertainties.

  • Video
    Internal control: COSO update

    9/17/13 | Assurance services

    PwC's Stephen Soske, Chuck Harris and Kassie Bauman discuss how companies should address the new COSO framework in their internal control processes.

  • PwC comment letter
    PwC comment letter on the IIRC consultation draft of the international integrated reporting framework

    7/23/13 | Global accounting consulting services

    The PwC network of member firms submitted a comment letter supporting the IIRC’s consultation draft of the international integrated reporting framework.

  • PwC comment letter (ASB)
    PwC comments on Auditing Standards Board's proposed auditing standard, "Using the Work of Internal Auditors"

    7/16/13 | Assurance services

    PwC supports the proposed auditing standard and offers certain suggestions for the Auditing Standards Board to consider as they finalize the standard.

  • PwC comment letter (PCAOB)
    PwC comments on PCAOB's reproposed related parties auditing standard and related amendments to PCAOB auditing standards

    7/8/13 | Assurance services

    PwC believes the reproposal will improve the auditor's performance in auditing related parties, significant unusual transactions, and transactions with executive officers.

  • EITF observer
    EITF observer: A meeting synopsis - June 2013

    6/14/13 | Assurance services

    The EITF met on June 11, 2013 to discuss six issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting US GAAP.

  • PwC comment letter (PCAOB)
    PwC Comments on PCAOB's Proposed Framework for Reorganizing PCAOB Auditing Standards

    5/24/13 | Assurance services

    PwC believes the PCAOB's proposed framework will help users navigate the board's standards more easily but suggests certain enhancements.

  • 10Minutes
    10Minutes on why the COSO Update deserves your attention

    5/14/13 | 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

    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.

  • 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.

  • EITF observer
    EITF observer: A meeting synopsis - March 2013

    3/18/13 | 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.

  • 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.

  • EITF observer
    EITF observer: A meeting synopsis - January 2013

    1/21/13 | 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.

  • Point of view
    Point of view: Assessing going concern -- Stakeholders would benefit from clarity in U.S. disclosure requirements

    12/17/12 | 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.

  • Dataline
    Dataline: 2012 year-end accounting and reporting considerations - Leading practices and lessons learned on key topics

    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

    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.

  • Dataline
    Dataline: Disclosures about liquidity risk and interest rate risk -- A closer look at the proposed standard

    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.

  • Dataline
    Dataline: Leases -- One size does not fit all: A summary of the boards' redeliberations

    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 2012

    9/13/12 | 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.

  • PwC comment letter (PCAOB)
    PwC Comments on Proposed Auditing Standard on Related Parties and Related Amendments to PCAOB Auditing Standards

    5/31/12 | 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 investors

    5/24/12 | 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 statements

    5/9/12 | 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 expanded use of emphasis paragraphs

    5/8/12 | 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 Clarifications

    5/8/12 | 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.

  • PwC comment letter (SEC)
    PwC Comments on the SEC's Revisions to Auditor Independence Requirements

    1/31/12 | 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.

  • PwC comment letter (IFAC)
    PwC Comments on IAASB Consultation Paper: Enhancing the Value of Auditor Reporting: Exploring Options for Change

    10/26/11 | 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 (IFAC)
    PwC Comments on Proposed ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information

    9/15/11 | 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.