Through the EAQ, the AICPA shares resources and education to help you avoid the most common audit quality issues. Check out the latest resources:

COVID-19 Audit Implications

As auditors navigate the challenges presented by the COVID-19 pandemic, the AICPA is available to help. The A&A resource center at aicpa.org/covidaudit is updated periodically to help you with your audit engagements that are impacted by the pandemic. Here are a couple of resources EAQ launched since April:

• COVID audit staff training presentation – Covers the most common challenges and questions received by the AICPA’s A&A hotline, including speaker notes drawing on insights from AICPA technical staff.
• Auditor’s report flowchart – Assists practitioners with their decision-making process when determining the most appropriate auditor’s report to issue.
• Key risks when auditing a not-for-profit during the pandemic – Highlights considerations for auditors of not-for-profits impacted by the pandemic.

For information about how COVID-19 may impact other areas of your practice, from tax and personal financial planning to forensic accounting, check out the AICPA Coronavirus Resource Center.

Auditing Revenue Recognition: New Resources Available 

Do you have clients with revenue subject to the requirements of FASB’s ASC 606, Revenue from Contracts with Customers? The AICPA’s revenue recognition toolkit has updated resources to help you audit and maintain your independence when assisting attest clients with implementing FASB’s ASC 606. The EAQ team has developed an example of documentation for contracts, an internal inspection aid and a practice aid to help you consider management’s estimates within ASC 606.

Risk Assessment and Response

EAQ has launched a new webcast, “Risk Assessment During the Recovery,” to highlight common misconceptions in practice with the risk assessment standards as well as considerations given the current COVID environment.

EAQ 2021 Areas of Focus

Each year, the EAQ team selects focus areas to address the most pressing audit quality issues. EAQ has selected the following areas of focus for 2021:

• COVID-19 audit implications
• Auditing revenue recognition
• Risk assessment and response
• Engagement acceptance and continuance
• Emerging attestation engagements