The auditor's report for substantially all AICPA engagements will be changing. Auditors can make the change this year or defer for another year. Either way, very soon, auditors will need to familiarize themselves with reporting options, update templates, and possibly communicate these changes with clients.
Learn the new reporting model's core functionality from both an auditor and auditees' perspective to better understand and maximize quality and efficiency.
Steven Morrison is the Partner-in-Charge of the Audit Quality Group at CohnReznick, bringing experience as a client service engagement partner, quality control reviewer, and standard-setter. He has worked with entities in various industries, including automotive dealerships, employee benefit plans, freight forwarding/mail courier, not-for-profit, 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 companies’ specific issues in various industries and has extensive experience communicating simple and complex technical matters to all personnel levels. His current responsibilities include developing firm methodology, including rapidly developing situations such as COVID-19, consulting on complex accounting and audit matters, and independence considerations.
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 task force, considering updates to AU-C 500, Audit Evidence, and other standards for issues such as blockchain and artificial intelligence.