Audit News Briefing: 12 October 2015

Audit-is-cool is pleased to accumulate and provide its readers with the news on audit and related topics:

October 9, 2015

Accountancy Live

MEPs call for mandatory equal pay audits

Based on principles of respect to wage equality, Members of the European Parliament are calling for the European Commission to strengthen equal pay legislation - with proposals including mandatory pay audits with possible sanctions at EU level in cases of non-compliance. MEP Anna Záborská who proposed tightening up the rules said: ‘Equal pay for equal work is a fair principle that must be valued by all employers… ‘Today, this is not the case, which is why we need better legislation.’

Please follow link for details: https://www.accountancylive.com/meps-call-mandatory-equal-pay-audits

October 9, 2015

Journal of Accountancy

Audit fees rose in 2014 for SEC filers, private companies

According to a new survey by the Financial Executives Research Foundation (FERF), audit fees paid by SEC filers and private companies increased in 2014 - SEC filers reported a median increase of 3.4% over the fees they paid to external auditors the previous year.

Please follow link for details: http://www.journalofaccountancy.com/news/2015/oct/audit-fees-rise-in-2014-201513163.html

October 8, 2015

Accounting Web

Clarified Auditing Standards: Audits of Group Financial Statements

Larry Perry CPA recently published Part 2 of his column that featured the significant key definitions of AU-C Section 600 or Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors).

Here are the three majorly discussed group audit pre-engagement planning procedures:

1. The group engagement team should obtain an understanding of the business environments of the group and its components, and identify those that are significant.

2. The group audit partner must evaluate whether sufficient audit evidence can be obtained to report on the group financial statements.

3. The group audit partner must consider the information on the Client Acceptance and Continuance Forms for the group and component entities, and determine that sufficient evidence can be obtained to express an unqualified opinion on the group financial statements.

Please follow link for details: http://www.accountingweb.com/aa/auditing/clarified-auditing-standards-audits-of-group-financial-statements-part-2

Part 1: http://www.accountingweb.com/aa/auditing/clarified-auditing-standards-audits-of-group-financial-statements-part-1