Report of the President
As I write my last President’s letter and reflect back on the past year, I hope you are having a relaxing summer and are able to recharge after what has been a difficult few years for all of us. We have lost colleagues and loved ones and have had to deal with profound change. On a positive note, this spring we returned to many in-person conferences, symposia, and invited research workshops, which has allowed us to come back together in meaningful ways and reconnect with colleagues we haven’t seen in a while. A few conferences are still virtual and may remain that way, but it is nice to have options to meet in person. I just finished instructing the Audit Educators’ Bootcamp with Jason Smith in Chicago at the end of June, and it was wonderful to return to an in-person version of that event after two years away. If you have attended Bootcamp, you know it really works best when the group has a chance to bond with their teams, which is difficult to replicate online.
I would like to thank you for the honor of serving as your President over the past year. I am looking forward to passing the reins to the very capable Allen Blay this August at the Annual Meeting and moving into the Past President role which involves chairing several committees and supporting the section from behind the scenes. Allen has been hard at work recruiting volunteers for the various committees of the section, and I am sure he appreciates those who have volunteered so far. If you are thinking of possibly serving the section now or in the future, be sure to reach out to Allen.
2022 Annual Meeting
The Planning for the 2022 Annual Meeting is wrapping up and the program committee has been putting together another great program of panels and paper presentations. The in-person meeting begins with pre-conference workshops on July 30-31st, and the main meeting runs from August 1-3rd. Some highlights of the in-person program include; 1) the Center for Audit Quality (CAQ) Panel on Current Auditing topics on August 1st with panelists Phillip Austin from BDO USA LLP, Adam Hallemeyer from RSM US LLP, Jennifer Joe from the University of Delaware (and incoming VP Academic), and Josh Jones from EY and 2) a panel on August 3rd commemorating the 20th anniversary of Sarbanes-Oxley (SOX) entitled, “SOX 2002-2022, Birth, Maturity, Future” with panelists Mark DeFond from the University of Southern California, Steve Harris, Staff director and chief counsel of the U.S. Senate Banking, Housing and Urban Affairs Committee under Chairman Paul S. Sarbanes and PCAOB Board member 2008-2018, W. Robert Knechel from the University of Florida, and Robert Kueppers the Senior Advisor FTI Consulting and former Deputy CEO and Vice Chair of Deloitte.
There are numerous other sessions of interest to Auditing Section members, including panels on ESG reporting and assurance, DEI issues, and attracting students to the accounting profession. On Monday August 1st, we will hold our Section luncheon where we will acknowledge the contributions of our outgoing Executive Committee members and program chairs. We will hear remarks from Brian Clark, a partner in Deloitte’s department of professional practice, who will be filling in for CEO Lara Abrash (who could not attend due to a scheduling conflict). I hope you can attend the luncheon to network with colleagues and recognize our outgoing EC members and program chairs. The virtual portion of the Annual Meeting program will be held on August 11-12th and features numerous concurrent sessions of interest to Auditing Section members.
2022 CAQ Symposium
Hopefully you have seen the announcement for the 2022 virtual CAQ Symposium in our section e-mails. In case you haven’t, members of the Auditing Section are invited to register for the panel sessions of the symposium. The Symposium is hosted by Deloitte & Touche LLP, and will take place Monday, August 8, from 11:00 am – 3:30 pm EDT. Attendance is free and members can obtain three hours of CPE. The registration deadline is August 1, 2022 at 11:50pm EDT. Register at: https://web.cvent.com/event/58fcc064-c6a1-4194-98be-44e69f5dc4d1/regProcessStep1 (you can ignore the information indicating this is an in-person event, as it is virtual).
2023 Auditing Section Midyear Meeting
Our 2023 Midyear Meeting will be held in Austin, TX on January 12th-14th at the Hilton Austin. Note that the deadline for panel and paper submissions occurs earlier than usual this year on August 24, 2022. This deadline allows the planning committee to start the review process in time to get the program ready before certain deadlines established by the AAA. I encourage you to volunteer to review papers for the meeting. If you have any questions about the Midyear Meeting, you can reach out to the Program Chairs, Aaron Saiewitz and Quinn Swanquist. Questions about the Doctoral Consortium can be directed to Matt Ege and the Auditing Educator’s Workshop to Sanaz Aghazadeh.
2022 Audit Educators’ Bootcamp
The 2022 Audit Educators’ Bootcamp was held from June 21-23rd at the EY offices in Chicago. We had 26 professors participating, with firm representatives from 6 different firms in attendance each day (for a total of nine firm participants). Jason Smith and I were the instructors. It’s amazing to me that the Bootcamp has been continuously running since 2009, with only one year off in 2020, and participant feedback still indicates that it is a very worthwhile experience. I personally appreciate being able to meet and network with new colleagues and those I’ve known for years. I think everyone who attends would agree that the firm representatives add a tremendous amount of value, and for some attendees having the firms’ perspective on our teaching is the main reason they attend in the first place. Even if you have been teaching auditing for a while, you may want to consider joining us at a future Bootcamp (we even get repeat and “three-peat” participants, since content and firm perspectives change so much over the years). I want to express my deep gratitude to Frank Buckless who developed the structure and so much of the program content, and my co-instructor, Jason Smith, who has brought some very exciting innovations to the program since joining in 2019.
I know the past few years have been challenging for research productivity for some of us, particularly those who rely on auditor participants. Firms are just now returning to in-person training, but still not yet offering access to participants at the same level as in the past. For those who have been able to identify practicing auditor participants, they are often not motivated to complete research studies, even with financial incentives to participate. I am planning to head up a task force to try to address these issues with the firms to see if we can arrive at a solution together. It is important that firms see the big picture value of our research efforts in helping them to promote audit quality and learn about the profession from a different perspective.
You may also be aware that Jayanthi Krishnan is serving in her final year as Senior Editor of Auditing: A Journal Practice & Theory and we are currently working on identifying her successor to begin in July of 2023. I expect that an announcement will be forthcoming soon.
To wrap up, I want to extend my greatest appreciation to Keith Jones who will be completing his term as VP Academic, President, and Past President in August. Keith did a wonderful job leading the section through the worst of the pandemic with humor and heart even though he did not get to experience the fun of overseeing in-person meetings during his term as President. I want to thank him for helping me out in so many ways over the past two years. I also want to thank our outgoing Executive Committee members, Helen Brown-Liburd, as Secretary, Chris Dinkel (PwC) as VP Practice, and Mark Taylor as Historian. As you know, Mark had to step down in his role because he will be serving the AAA as incoming President Elect starting in August (congratulations Mark!). I am happy to announce that Karla Johnstone has agree to step in as Historian and will be joined by our newly elected officers, Jennifer Joe (VP Academic), Ken Bills (Secretary), and Margot Cella (VP Practice).
I hope you all have a restful and enjoyable summer and I hope to see you at the Annual Meeting and/or the CAQ virtual Symposium in August!
Barbara Vanich, PCAOB Acting Chief Auditor
Elena Bozhkova, PCAOB Assistant Chief Auditor
This Update addresses select Public Company Accounting Oversight Board (PCAOB) developments since the Spring 2022 Update that are likely to be of interest to accounting and auditing researchers, educators, and students. The developments include:
- Spotlight on the Use of a Service Provider in the Confirmation Process
- Spotlight on 2021 Conversations with Audit Committee Chairs
- Adoption of Charters for Two New Advisory Groups
- Spotlight on Auditing Considerations Related to the Invasion of Ukraine
- Request for Comment on Impact of Auditing Requirements Related to Estimates and Specialists
- 2021 Annual Report
- Updated Standard-setting and Research Agendas
- Investor Advocate Appointment
- Meeting of PCAOB Investor Advisory Group (IAG)
- Meeting of PCAOB Standards and Emerging Issues Advisory Group (SEIAG)
- Adoption of New Requirements for the Lead Auditor’s Use of Other Auditors
- Spotlight on Staff Overview for Planned 2022 Inspections
- Settled Disciplinary Orders
Spotlight on the Use of a Service Provider in the Confirmation Process
On March 21, 2022, the PCAOB released a new Spotlight publication, “Observations and Reminders on the Use of a Service Provider in the Confirmation Process.” This Spotlight shares observations and suggested procedures for auditors who rely on a service provider to send and receive electronic audit confirmations to and from “confirming parties,” such as financial institutions, investment and brokerage firms, and law firms.
The publication is available at: https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/documents/observations-reminders-confirmation-process-spotlight.pdf?sfvrsn=16e9e3d6_5
Spotlight on 2021 Conversations with Audit Committee Chairs
On March 24, 2022, the PCAOB released a new Spotlight publication, “2021 Conversations with Audit Committee Chairs.” In 2021, PCAOB staff conducted more than 240 conversations with audit committee chairs. This publication presents high-level observations and takeaways from those conversations.
The publication is available at: https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/documents/2021-conversations-with-audit-committee-chairs-spotlight.pdf?sfvrsn=a9ffcca7_7.
Adoption of Charters for Two New Advisory Groups
On March 29, 2022, after soliciting public comment, the PCAOB approved new charters governing the membership and activities of its two new advisory groups – the Investor Advisory Group (IAG) and the Standards and Emerging Issues Advisory Group (SEIAG).
The adopted charters and additional information, including membership of the groups, are available at https://pcaobus.org/about/advisory-groups/investor-advisory-group for the IAG and at https://pcaobus.org/about/advisory-groups/standards-and-emerging-issues-advisory-group for the SEIAG.
Spotlight on Auditing Considerations Related to the Invasion of Ukraine
On March 31, 2022, the PCAOB released a new Spotlight publication, “Auditing Considerations Related to the Invasion of Ukraine.” The Spotlight highlights important considerations for auditors of issuers and broker-dealers as they plan and conduct audits in this evolving environment.
The publication is available at: https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/documents/auditing-considerations-related-invasion-ukraine-spotlight.pdf?sfvrsn=19dc6043_3.
Request for Comment on Impact of Auditing Requirements Related to Estimates and Specialists
On April 12, 2022, the PCAOB issued a Request for Comment on the initial impact of new requirements for auditing accounting estimates and using the work of specialists. The PCAOB is evaluating comments received, along with other evidence obtained from the analysis, and considering whether additional guidance or other steps may be appropriate.
The Request for Comment and comment letters received during the comment period (which closed on June 10) are available at: https://pcaobus.org/oversight/standards/economic-analysis/pir/post-implementation-review-as2501-auditing-accounting-estimates-fair-value-measurements-auditors-use-work-specialists.
2021 Annual Report
On April 14, 2022, the PCAOB released its 2021 Annual Report. In addition to providing financial results, the report summarizes the organization’s key accomplishments and developments for the year.
The 2021 Annual Report is available at: https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/about/administration/documents/annual_reports/2021-annual-report.pdf?sfvrsn=6379c829_5.
Updated Standard-setting and Research Agendas
On May 4, 2022, PCAOB’s Office of the Chief Auditor (OCA) published updated standard-setting and research agendas.
The standard-setting agenda sets forth six short-term projects where OCA expects Board action during the coming 12 months. In addition to the projects on Other Auditors and Quality Control, OCA expects to take up Noncompliance with Laws and Regulations (NOCLAR), an Attestation Standards Update, Going Concern, and Confirmations.
OCA also added four mid-term projects to its standard-setting agenda: Substantive Analytical Procedures, Fraud, Interim Ethics and Independence Standards, and Interim Standards. While formal action is not expected on these projects in the next 12 months, staff are actively engaged in furthering these projects.
OCA’s research agenda continues to have two projects: Data and Technology and Audit Evidence.
The standard-setting and research agendas are available at: https://pcaobus.org/oversight/standards/standard-setting-research-projects.
Investor Advocate Appointment
On June 7, 2022, the PCAOB announced that Sabahat Qamar has been appointed the PCAOB’s Investor Advocate. In this newly created role, Ms. Qamar will be responsible for maintaining and expanding the PCAOB’s engagement with the investor community, as well as serving as the organization’s primary point of contact for this critical stakeholder group.
Ms. Qamar graduated with a Bachelor of Science in economics from the University of Massachusetts, Boston and holds J.D. and MBA degrees from Suffolk University’s Law School and its Sawyer Business School. She joins the PCAOB on July 11, 2022.
Meeting of PCAOB IAG
On June 8, 2022, the PCAOB held a virtual meeting of the IAG. Agenda topics included:
- Overview of the PCAOB
- The PCAOB for the Next Five Years and Beyond: Strategic Plan 2022-2026
- Standard-Setting Agenda
- IAG Going Forward
Agenda materials and a recording of the meeting are available at: https://pcaobus.org/news-events/events/event-details/pcaob-investor-advisory-group-meeting-2022.
Meeting of PCAOB SEIAG
On June 15, 2022, the PCAOB held a virtual meeting of the SEIAG. Agenda topics included:
- Overview of the PCAOB
- The PCAOB for the Next Five Years and Beyond: Strategic Plan 2022-2026
- Standard-Setting Agenda
- IAG Going Forward
Agenda materials and a recording of the meeting are available at: https://pcaobus.org/news-events/events/event-details/pcaob-standards-and-emerging-issues-advisory-group-meeting.
Adoption of New Requirements for the Lead Auditor’s Use of Other Auditors
On June 21, 2022, the PCAOB adopted amendments to its auditing standards to strengthen requirements that apply to audits involving multiple audit firms. The amendments, which include changes to existing standards and adoption of a new standard, improve PCAOB standards principally by:
- Specifying certain procedures for the lead auditor to perform when planning and supervising an audit that involves other auditors, and
- Applying a risk-based supervisory approach to the lead auditor’s oversight of other auditors for whose work the lead auditor assumes responsibility.
The adopted rule and other documents related to this project are available at: https://pcaobus.org/about/rules-rulemaking/rulemaking-dockets/docket-042-proposed-amendments-relating-to-the-supervision-of-audits-involving-other-auditors-and-proposed-auditing-standard
Spotlight on Staff Overview for Planned 2022 Inspections
On June 30, 2022, the PCAOB released a new Spotlight publication, “Staff Overview for Planned 2022 Inspections.” The publication highlights the following selected areas of planned 2022 inspections:
- Fraud and other risks
- IPOs and M&A activity
- Audit firms’ execution challenges
- Broker-dealer-specific considerations
- Use of service providers in the confirmation process
- Critical audit matters
- Audit areas with continued deficiencies
- Firms’ quality control systems
The publication is available at: https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/documents/2022-inspections-overview-spotlight.pdf?sfvrsn=8d3e48ef_2/2022-Inspections-Overview-Spotlight.pdf.
Settled Disciplinary Orders
The PCAOB posted several settled disciplinary orders.
Settled disciplinary orders are available at https://pcaobus.org/Enforcement/Decisions/Pages/default.aspx.
AICPA Auditing Standards Board Update
Auburn University and Auditing Standards Board Member
Since my last report in the spring of 2022, the Auditing Standards Board (ASB) held its first in-person meeting since early 2020. This report highlights the newly issued quality management standards, a new exposure draft, and the status of various other projects.
Newly Issued Final Standard
At its May meeting, the ASB voted to issue three final standards. The newly issued standards are:
- Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management. This supersedes Statement on Quality Control Standards (SQCS) No. 8, A Firm’s System of Quality Control (QC Section 10).
- SQMS No. 2, Engagement Quality Reviews
- Statement on Auditing Standards No. 146, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards. This supersedes SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended, section 220, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards (AU-C section 220)
The newly issued standards introduce a risk-based approach for firms to use in achieving quality objectives. The approach is designed to help firms identify and address quality risks specific to their practice and allow a more scalable customized approach to managing quality for all firms.
The newly issued QM standards:
- Introduce two new components of QM, Information and Communication and the Firm’s Risk Assessment Process
- Increase firm leadership responsibilities and accountability, and improve firm governance
- Address technology, networks, and the use of external service providers in the updated Resources component
- Increase focus on the continual flow of information and appropriate communication internally and externally
- Promote proactive monitoring of quality management systems and timely and effective remediation of deficiencies
- Clarify and strengthen requirements for a more robust engagement quality review (EQR)
SQMS No. 2 differs from the corresponding standard issued by the IAASB, ISQM No. 2 in important ways. For example, SQMS No. 2 does not require a cooling off period before the engagement partner can serve as the engagement quality reviewer. In addition, although ISQM No. 2 does not allow an auditor to date their report until after the engagement quality review is completed, SQMS No. 2 permits the completion of the engagement quality review after the date of the audit report. The ASB made these changes after extensive outreach and deliberations.
You can learn more about the new QM standards on the AICPA’s website.
Ongoing ASB Projects
Other ASB projects include those related to audit evidence, group audits, the audits of less complex entities, the definition of public interest entities, fraud, and going concern. You can find more details about these matters by visiting the ASB Meeting Materials and Highlights page on the AICPA’s website. Much of the ASB’s current work on these ongoing projects involves liaising with appropriate IAASB task forces and conducting outreach activities with various stakeholders in the financial reporting ecosystem.
Current Issues in Auditing
Update from the Co-editors
Denise Dickins, Ph.D., CPA, East Carolina University
Keith Urtel, CPA, University of Notre Dame
In addition to our goals of increasing practice-engagement, submissions, and readership, we are committed to increasing the diversity of CIIA’s Editorial Board (EB). Currently, of the 39 EB members (including the co-editors), 74% are academics and 26% are audit partner-level practitioners, 39% are women, 28% are under age 50, and 15% are underrepresented minorities. EB members represent 20 US states and three non-US countries. Academic members primarily represent institutions that are public (79%) and that have more than 7,500 students (93%).
In terms of academic members, the general criteria for EB membership are:
- Having an established record of publishing rigorous auditing or auditing-related academic research.
- Being willing to review up to three submissions each year, plus any revisions. In each of the past two years, on average each EB member reviewed two initial submissions, plus revisions.
- Being able to complete reviews within 21 days. The average time to complete reviews in each of the past two years was 17 days.
Each summer we refresh CIIA’s EB. Last year two academic members and one practitioner retired from the EB, and we added nine members (two of which were academics). We anticipate needing three or four new academic members in 2022. If you are interested in joining CIIA’s EB, please send your CV and a note of interest to: firstname.lastname@example.org.
Your support of CIIA is appreciated,
Denise and Keith
Have you Seen...?
Candice T. Hux, Northern Illinois University
Jenna J. Burke, University of Colorado Denver
Jenny McCallen, University of Georgia
“A Matter of Appearances: How Does Auditing Expertise Benefit Audit Committees when Selecting Auditors?” by Matthew Baugh, Nicholas J. Hallman, and Steven J. Kachelmeier. Contemporary Accounting Research 39 (1): 234-270.
This study introduces a new measure to the literature on audit partner characteristics. The authors collect photographs of audit partners and ask MTurk workers to rate their facial attractiveness. Attractiveness is then used as a proxy for a superficial, heuristic cue that may be considered by audit committees that struggle to differentiate candidates in the audit partner selection decision. The authors hypothesize that audit committees whose members do not have Big 4 experience are more likely to be influenced by superficial, heuristic cues than audit committees where one or more of the members has Big 4 experience. Findings confirm this expectation and suggest that audit partner attractiveness is a factor that does not help audit committees gain better financial reporting quality but can influence auditor selection when committee members do not have Big 4 experience.
“Bonding Forged in “Auditing Hell”: The Emotional Qualities of Big Four auditors” by Pauline Beau and Lambert Jerman. Critical Perspectives in Accounting 83 (March): 102356.
This study explores the process in which auditors make a longer commitment to working in public accounting. Combining information learned through interviews with practicing auditors and one author’s immersive experience in the auditing profession, the authors suggest that emotional ties to the auditing profession and fellow auditors are related to greater career commitment. The authors identify three specific emotional qualities that enable auditors to deal with the demands of the public accounting profession: (1) a commitment to personal development, (2) a sense of responsibility to support and protect their teams, and (3) feelings of comradeship developed through “weathering the storm” together. Their findings suggest that auditors’ development of these emotional qualities may help auditors manage the stress and pressure of public accounting and build a stronger commitment to the profession.
“Are Auditors Rewarded for Low Audit Quality? The Case of Auditor Lenience in the Insurance industry” by Matthew Ege and Sarah B. Stuber. Journal of Accounting and Economics 73 (1): 101424.
This study examines the consequences of auditor lenience where auditors allow clients to opportunistically use financial reporting discretion to manipulate losses into reported profits. Using unique disclosures from the insurance industry, the authors show that when auditors allow clients to under-reserve estimated claim losses, such lenience is associated with subsequent market share changes. This suggests that auditors are rewarded for their lenience and low-quality auditing, and highlights a setting where auditors have profit and market share incentives that conflict with their incentives to provide high-quality audits.
“Client Concerns about Information Spillovers from Sharing Audit Partners” by Jung Koo Kang, Clive Lennox, and Vivek Pandey. Journal of Accounting and Economics 73 (1): 101434.
This study investigates whether concerns about possible information spillovers impact the audit partner selection decision. The authors posit that companies in the same product market will avoid using the same audit partner as a rival company due to information spillover concerns. Findings reveal that, while companies operating in the same product market are more likely to share an audit partner, the likelihood of sharing declines sharply – from 25 to 5 percent – for companies with greater concerns about information spillovers. This finding suggests that some clients are concerned about the possibility that “audit partners serve as a channel through which information may be transmitted privately between companies.” For companies that do not have information spillover concerns, partner sharing can result in lower audit fees and fewer misstatements.
“How Auditors’ Approach to Client Inquiry May Affect Skeptical Judgment: A mixed-method Examination of Client Inquiry and Note Taking” by Jeremy M. Vinson, Jesse C. Robertson, and Mary B. Curtis. European Accounting Review 31(3): 543-573
This paper examines current client inquiry practices, with a key focus on notetaking. Interviews with practicing auditors highlight how important and helpful notetaking can be in ensuring auditors accurately remember information obtained during inquiries. However, interviewees also discuss challenges faced while attempting to take notes during an inquiry, particularly engaging in active conversation while still taking effective notes. The authors then conduct two experiments to further examine notetaking practices during client inquiry. Experiment one shows that more extensive notetaking leads to improved memory accuracy but potentially less critical assessment of information. Experiment two shows that requiring auditors to consider the account balance and the client inquiry before performing the inquiry leads to a more critical assessment of evidence after the fact. While notetaking is often encouraged and may be beneficial to auditors when performing client inquiries, the findings of this paper suggest that notetaking may backfire if auditors are not actively engaged in a critical assessment of the evidence.
“Can auditors improve their judgment by drawing on the crowd within?” by Aaron F. Zimbelman. Contemporary Accounting Research 39(2): 1334-1357.
The author studies whether auditors can improve their judgment by drawing on the crowd within, which occurs when an individual makes the same judgment twice and then averages both responses. The results of the experiment show that drawing on the crowd within helps auditors better use their task-relevant knowledge, leading to more accurate judgments. Additionally, when prompted to make an intuitive initial judgment and then draw on the crowd within, auditors exhibit a greater revision in judgment (relative to those in an unpromoted initial judgment condition), but lower judgment accuracy. This effect is driven by specialist auditors who make significantly more conservative second judgments, suggesting that drawing on the crowd within is influenced by the specialized knowledge that an auditor possesses.
Have You Seen These Educational Resources?
Sean Dennis, University of Central Florida
‘What Makes a Successful Academic Accounting Department? A Multidimensional Longitudinal Analysis’ by Timothy Fogarty. Journal of Accounting Education 57 (December): 100754.
This study uses data from 15 Ohio schools over a 40-year period to examine how accounting departments are built and how they change over time. The data show that tenure track faculties at most schools increased during the 1980’s and 1990’s, but have since returned to their sizes at the beginning of this period. While PhD credentials have become nearly ubiquitous among tenure track accounting faculty, this has corresponded with a substantial decline in CPA licensure among this group. Additionally, research recognition for faculty and the numbers of chaired positions have been relatively constant over this period. The paper also discusses implications for managing accounting departments.
‘Risk and Control Considerations in Attestation Engagements The Auditor’s Role in the Academy Awards’ by Adam Bordeman, Marc Cussatt, and Kim Westermann. Issues in Accounting Education:
This is a case study resource that draws on the error made by PwC at the 2017 Academy Awards (“the Oscars”) in announcing the wrong “Best Picture” winner. The case introduces students to engagement planning, risk management, and execution. Students research attestation engagements and the AICPA Code of Professional Conduct. The exercise focuses students on the risks and benefits associated with the Oscars engagement. Students analyze the controls that were in place for PwC, and think critically about what additional controls could have prevented the error. The case is designed to help students appreciate the consequences of this error for PwC as a whole.
‘Bringing COSO to Life: Engaging Students with Real World Examples of Internal Controls using Digital Storytelling’ by Ashley Douglass, Gabriella Maria Farias Martinez, and Amy F. Holmes. Journal of Accounting Education 58 (March): 100767.
This study presents a hands-on, experiential learning assignment that helps students understand and appreciate the COSO framework. Students interview professionals in the local business community about their successes with internal controls and use what they learn to develop a script or storyboard. They then use this script/storyboard to create a 5-minute digital resource that relates the success story to the COSO framework. The authors also provide some background on active learning and digital storytelling, focusing on how these techniques help increase comprehension and memory recall.
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Auditing: A Journal of Practice & Theory (AJPT) is available electronically to members of the Auditing Section. If you are a AAA member and would like to join the Auditing Section, please contact AAA Headquarters.
Impact Factor: 2.108
Current Issues in Auditing is published by the Auditing Section of the American Accounting Association. To promote timely, widespread dissemination of ideas to the academic and practice communities, the journal is published online and is free to all interested parties.
Call for Nominations-AJPT Senior Editor
Next Senior Editor of Auditing: A Journal of Practice and Theory
In May 2023, the term of Jayanthi Krishnan, Senior Editor at Auditing: A Journal of Practice and Theory (AJPT) will come to an end. In accordance with our Operating Manual, the Executive Committee has appointed an Editor Nominations Committee to identify the next Senior Editor. The committee is being chaired by our (soon to be) Past President, Christine Earley (Providence College). The remainder of the committee includes Jayanthi Krishnan (Temple University), Linda Myers (University of Tennessee Knoxville), and Jaime Schmidt (University of Texas at Austin).
The Nominations Committee is now accepting nominations for the next senior editor of Auditing: A Journal of Practice and Theory (AJPT). The senior editor’s term will be from June 2023 through May 2026.
Please submit your nominations (self-nominations are encouraged and certainly appropriate) to Christine Earley (email@example.com) by Friday, September 16, 2022.
Auditing Section VP Academic/President-Elect