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CAQ Alert #2015-07 - Select Auditing Considerations for the 2015 Audit Cycle

Date: Oct 12, 2015, 16:40 PM

To remind our member firms of certain auditing considerations that may be relevant for the 2015 audit cycle the CAQ prepared two separate alerts, which are available on our website.

The first of these alerts, Select Auditing Considerations for the 2015 Audit Cycle, reminds member firms of important auditing considerations for the 2015 audit cycle. It identifies and discusses some of the more judgmental or complex audit areas, many of which are also identified in the PCAOB Staff Inspection Brief, published in October of 2015.

Select Auditing Considerations for the 2015 Audit Cycle covers the following topics:

1.     Professional Skepticism

2.     Internal Control Over Financial Reporting (ICFR)

3.     Risk Assessment and Audit Planning

4.     Supervision of Other Auditors and Multi-Location Audit Engagements

5.     Testing Issuer-Prepared Data and Reports

6.     Cybersecurity

7.     Revenue recognition

8.     Auditing Accounting Estimates, Including Fair Value Measurements

9.     Related Parties and Significant Unusual Transactions

Given the recent PCAOB Staff Inspection Brief on the 2015 Inspections of Auditors of Brokers and Dealers—and the fact that over 120 of the CAQ´s member firms audit brokers and dealers— the CAQ has also issued a companion alert, Select Considerations for the 2015 Audit Cycle for Brokers and Dealers. It addresses the PCAOB Inspection Brief and provides links to select guidance on inspection deficiencies identified by the PCAOB.