Auditing standards have some significant changes coming for both public company and private company audits. There is a new auditor's report for private company audits and a new auditing standard for audits specific to employee benefit plans. For PCAOB, on the horizon are new requirements for auditing estimates and use of the work of specialists. Many auditors, and by extension, many of those in industry, will likely have to prepare for these changes. This session, which is geared for not only auditors, but those in industry as well, will give an overview of the changes and the background of the changes to help drive an understanding of what is ahead.
Steven Morrison, CPA, serves in National Assurance at CohnReznick, bringing experience as an engagement partner, quality control reviewer, and as a standard setter in a variety of industries, including automotive dealerships, employee benefit plans, freight forwarding/mail courier, retail, and wholesale/distribution. His experience encompasses effectively addressing unique accounting and audit issues of entities in the United States, Asia, Europe, Oceania, and the Americas. Steven addresses specific issues for companies in a variety of other industries and has extensive experience in effectively communicating simple and complex technical matters to all levels of personnel. His current responsibilities also include advising engagement teams on accounting and auditing matters.
From 2015 to 2018, he served on the American Institute of Certified Public Accountants’ (AICPA) Auditing Standards Board (ASB), a senior committee that promulgates U.S. Generally Accepted Auditing Standards. As a part of his responsibilities on the board, he served as the final chair of the going concern taskforce, which updated the going concern standard with SAS 132. He also served on the audit evidence taskforce, which is considering updates to AU-C 500, Audit Evidence, and other standards for issues such as blockchain and artificial intelligence.
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