... (PCAOB) (i.e., Existence or Occurrence, Completeness, Valuation or Allocation, Rights and Obligations, and Presentation and Disclosure) ( Public Company Accounting Oversight Board (PCAOB) 2023a ). Although audit procedures already exist to address several of the risks identified in stage one (e.g...

... increase the likelihood of using the same provider. Companies using the same provider for both services benefit from higher financial statement audit quality without paying significantly higher audit fees. The findings of this research are useful for companies in deciding whether to employ their financial...

...Mark D. Sheldon SUMMARY This article summarizes “Auditing the Blockchain Oracle Problem” ( Sheldon 2021 ), which introduces auditors to the risks of having an irreversible business agreement codified on a blockchain using a short software program called a smart contract that relies on an oracle...

...Nishani Edirisinghe Vincent; Anne M. Wilkins SUMMARY The novelty, ambiguity, and the lack of official guidance surrounding cryptocurrency transactions impose additional audit risks that should be considered during client acceptance and retention and planning audit procedures. We develop a four...

...Mark D. Sheldon SUMMARY Blockchain is a disruptive technology that offers advantages to the audit profession such as transparency into all transactions, an immutable ledger, and the potential for real-time auditing. However, to realize these benefits, the profession must be prepared to gain...

... the auditor to maintain a questioning mind and critically assess audit evidence throughout the planning and performance of an audit ( PCAOB 2006 ; IAASB 2004 ). As auditors exercise more professional skepticism, they may require more evidence to justify their audit opinions ( Nelson 2009 ). Auditors should...

..., are not adept at identifying and constraining these differences. This article summarizes a recent study by Brazel and Schmidt (2018) that examines whether certain auditors and audit committees are able to lower fraud risk by constraining inconsistencies between financial and related nonfinancial measures...

...James Hansen SUMMARY Three Homework Handouts are presented for use by instructors in undergraduate or graduate introductory audit courses. The Homework Handouts give students an opportunity to bridge the material they are learning in class to real-world situations they may be facing...

...Danielle R. Lombardi; Rebecca Bloch; Miklos A. Vasarhelyi SUMMARY Audited financial statements are intended to be timely and useful in decision making. To remain a valuable and relevant service, auditing must find a way to evolve. This paper summarizes a recent study (“The Future of Audit...