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Audit Standards

The IIA Calls for Stronger Governance, Internal Controls, and Independent Audit Requirements in Prediction Markets

Auditing May 4, 2026 

The IIA Calls for Stronger Governance, Internal Controls, and Independent Audit Requirements in Prediction Markets

The IIA’s recommendations draw upon globally recognized standards within its International Professional Practices Framework.

Featured Articles

April 16, 2026  

The IIA Enhances CIA Challenge Exam Program, Expanding Access Through New Pathway Pilot

February 27, 2026  

AICPA Seeks Public Comment on Proposed Updates to Attestation Standards

January 14, 2026  

PCAOB Punishes Zwick CPA, Firm’s Owner, and a Manager for Audit Gone Awry

December 19, 2025  

CPA Barred, Audit Firm Fined by PCAOB for Quality Control Issues

December 19, 2025  

PCAOB Fines Florida Audit Firm $35,000 Over Tardy Form AP Filings
PCAOB Revokes Hong Kong Accounting Firm’s Registration, Bars Managing Partner

Auditing July 23, 2025 

PCAOB Revokes Hong Kong Accounting Firm’s Registration, Bars Managing Partner

Centurion ZD CPA & Co. and its owner Chan Kam Fuk were sanctioned for violating U.S. auditing and quality control rules and standards related to audits of companies based in China, including Chinese coffee chain Luckin Coffee Inc.

Jason Bramwell

Three Accounting Firms Got in Trouble for Breaking PCAOB Rules

Auditing July 15, 2025 

Three Accounting Firms Got in Trouble for Breaking PCAOB Rules

The three firms censured and fined by the PCAOB on July 11 for violating U.S. auditing rules and standards were Goldman & Co. CPAs ($25,000), Raymond Chabot Grant Thornton in Canada ($30,000), and PWR CPA ($60,000).

Jason Bramwell

PCAOB Fines Illinois Firm $50,000 Over Failures in 17 Broker-Dealer Audits

Auditing July 10, 2025 

PCAOB Fines Illinois Firm $50,000 Over Failures in 17 Broker-Dealer Audits

Michael Coglianese, CPA PC was censured and fined $50,000 July 10 for violating U.S. auditing rules and standards in connection with 17 audit and attestation engagements for SEC-registered brokers and dealers.

Jason Bramwell

Fraud21

Accounting July 7, 2025 

AICPA Seeks Comment on Proposed Update to Auditors’ Responsibilities Related to Fraud

The proposed Statement on Auditing Standards contains a number of changes, including the establishment of required procedures for when an auditor has identified fraud or suspected fraud.

Isaac M. O'Bannon

PCAOB Permanently Bars Repeat Rule-Breaker

Auditing June 25, 2025 

PCAOB Permanently Bars Repeat Rule-Breaker

Michael Studer, CPA, was permanently barred on June 24 and his firm, Michael T. Studer CPA PC, had its PCAOB registration revoked after the accountant was found to be a repeat violator of U.S. auditing rules and standards.

Jason Bramwell

PCAOB Doles Out $8.5M in Total Fines to Most of the Big Four’s Dutch Affiliates for Exam Cheating

Auditing June 25, 2025 

PCAOB Doles Out $8.5M in Total Fines to Most of the Big Four’s Dutch Affiliates for Exam Cheating

The Netherlands-based affiliates of Deloitte, PwC, and EY were found to have violated U.S. auditing rules and quality control standards related to internal exam cheating and inefficient monitoring of their quality control systems.

Jason Bramwell

PCAOB Docks Heaton & Co. $35K, Partner $25K for Multiple Audit Failures

Auditing June 13, 2025 

PCAOB Docks Heaton & Co. $35K, Partner $25K for Multiple Audit Failures

The Utah-based firm and its founder/partner Kristofer Heaton were fined on June 12 for audit documentation, engagement quality review, and quality control failures involving five audits.

Jason Bramwell

Financial Accounting Foundation Appoints David M. Sullivan as New FASAC Chair

Accounting May 22, 2025 

Financial Accounting Foundation Appoints David M. Sullivan as New FASAC Chair

Sullivan will succeed Michael M. Morrow who joined the FASAC in 2019, has served as FASAC chair since January 1, 2020, and will conclude his service in December.

Isaac M. O'Bannon

PCAOB’s Latest ‘Audit Focus’ Explores Challenges of Auditing Accounting Estimates

Auditing May 21, 2025 

PCAOB’s Latest ‘Audit Focus’ Explores Challenges of Auditing Accounting Estimates

Auditing accounting estimates is the topic of the latest edition of "Audit Focus," a series of PCAOB publications that aims to provide easy-to-digest information to auditors.

Jason Bramwell

PCAOB Gives Auditors More Video Resources on New Quality Control Standard

Auditing May 12, 2025 

PCAOB Gives Auditors More Video Resources on New Quality Control Standard

The PCAOB has posted a brand-new set of staff presentation videos designed to help audit firms and auditors implement four areas of their quality control system under QC 1000, A Firm’s System of Quality Control.  

Jason Bramwell

PCAOB Punishes NYC-Based CPA Firm and Managing Partner For ‘Substandard Audit Work,’ QC Violations

Auditing April 23, 2025 

PCAOB Punishes NYC-Based CPA Firm and Managing Partner For ‘Substandard Audit Work,’ QC Violations

Accounting firm Adeptus Partners was fined $75,000 and managing partner Howard Krant was sanctioned $50,000 on April 22 for breaking the rules during the audits of two technology companies.

Jason Bramwell

PCAOB Adds New Resources on Quality Control Standard

Auditing April 22, 2025 

PCAOB Adds New Resources on Quality Control Standard

The new set of staff presentation videos are designed to help audit firms implement four components of their quality control system under QC 1000, A Firm’s System of Quality Control.  

Jason Bramwell

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