Regardless of the amount and type of substantive testing they perform, the auditors will have no way of knowing whether their procedures reduced audit risk to an appropriately low level. As such, a ...

Also on Wednesday, the PCAOB approved amendments to two auditing standards that grew out of the board’s research on the use of data and technology. It also agreed to seek public comment on a proposal ...

The new proposal, AS 2305, "Designing and Performing Substantive Analytic Procedures," aims to strengthen and clarify auditors' responsibilities around those procedures. The board developed it in ...

For Deloitte, the inspectors found that seven of the 54 audits it reviewed in 2021 had such significant deficiencies that they were included in Part I.A of the report.Those deficiencies mainly related ...