Thought Leadership

The Public Company Accounting Oversight Board (PCAOB) finalized new rules that will require audit firms to report a range of firm- and engagement-level metrics, marking a significant shift in how audit quality is measured and reported. These changes aim to enhance transparency in the audit process, giving investors, audit committees, and the public more insight...

With Donald J. Trump set to return to the presidency in January 2025, the regulatory landscape for audit firms may be significantly reshaped. Trump’s administration is expected to follow through on its deregulatory agenda, impacting the SEC, PCAOB, and the broader audit industry. Here are five key points for CPA firms to consider as this...

The AICPA’s Statement on Auditing Standards (SAS) No. 146 brings a significant shift in quality management practices for individual audit engagements. Like SQMS No. 1, which establishes quality management at the firm level, SAS 146 applies these standards directly to each engagement, strengthening the integrity and reliability of audits. With an effective date for periods...

The American Institute of Certified Public Accountants (AICPA) is set to embark on a new journey with the announcement of Mark Koziel as its incoming president. Currently serving as the CEO of Allinial Global, Koziel’s leadership promises to address pressing issues within the accounting profession. Here are five key points to consider regarding Koziel’s vision...

The AICPA’s new System of Quality Management Standards (SQMS) No. 2 is set to transform engagement quality reviews (EQRs) within CPA firms. With a compliance deadline for audits or reviews with periods beginning on or after December 15, 2025, it is crucial for firms to understand the implications of these changes. Here are five key...

The AICPA’s new System of Quality Management Standards (SQMS) No. 1 is poised to significantly reshape the landscape for CPA firms with an audit and assurance practice. With a compliance deadline of December 15, 2025, and ongoing evaluation requirements, it’s vital for firms to grasp what these changes entail. Here are five key points about...

The PCAOB’s new Quality Control (QC) standard, QC 1000, is set to reshape the landscape for all PCAOB-registered firms. With an effective date of December 15, 2025, and initial evaluation and reporting requirements to follow, it’s critical for firms to understand what this entails. Here are five key points about QC 1000, exploring its significance...

The accounting profession is facing unprecedented challenges, with nearly 75% of CPAs reaching retirement age in 2020 and over 300,000 professionals leaving the profession since 2019. Recent reports from major firms highlight the strain, with average annual overtime continuing to rise. Publicly-available reports by firms like PwC and EY reveal that associates through partners work...

In the recent Audit Quality Report published by the Department of Labor (DOL), alarming findings shed light on the inadequate standards plaguing the audits of employee benefit plans (“EBP”). The study, conducted in November 2023, highlights critical audit deficiencies that jeopardize the integrity and reliability of financial reporting within these plans. Widespread Non-Compliance  The audit...