A member alert issued by the Center for Audit Quality and the AICPA outlines regulatory changes for audits and attestation engagements of brokers and dealers and futures commission merchants that are effective June 1.
A recent report revealed that financial executives, internal auditors, external auditors, and board/audit committee members differ as to who is responsible for detecting and preventing financial statement fraud.
The CAQ released a "Resource on Audit Quality Reporting" to highlight some important elements of audit quality US audit firms could consider in refining or developing their own reporting regarding their public company audit practice.
The CAQ and the AAA Auditing Section announced four awards as part of a new program designed to facilitate accounting and auditing academics' ability to obtain access to audit firm personnel to participate in their research projects.
A new research report examines auditor involvement in fraudulent financial reporting cases cited in SEC enforcement actions issued from 1998-2010. During the thirteen-year period, there were eighty-seven sanctions against external auditors in SEC fraud investigations involving publicly traded companies.
In the fight against financial reporting fraud, members of the financial reporting supply chain have a new tool to advance their fraud deterrence and detection capabilities. The Anti-Fraud Collaboration has published the "Hollate Manufacturing Case Study" to raise awareness of environments in which fraud might flourish.
On December 12, 2012, the Financial Accounting Standards Board (FASB), in conjunction with the Center for Audit Quality (CAQ), issued a summary of observations from two forums on disclosure effectiveness.
Seven organizations have joined to launch a new tool to assist audit committees in performing an annual evaluation of an external auditor in order to make an informed recommendation whether to retain the auditor.
On September 19, the Center for Audit Quality released its sixth annual "Main Street Investor Survey," which shows that investor confidence in capital markets has increased 4 percentage points since 2011.