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CAQ publishes report on Audit Quality Indicators

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Jan 12, 2016

On January 12, 2016, the Center for Audit Quality (CAQ) issued “Audit Quality Indicators: The Journey and Path Ahead,” a report in which it shares insights on the potential use of a set of audit quality indicators to assess audit quality.

The information in the report is based on outreach to audit committees in a series of roundtables as well as pilot testing of the CAQ’s publication CAQ Approach to Audit Quality Indicators.

Key findings from the roundtables—held in New York, Chicago, London, and Singapore during the summer of 2015—include the following:

  • Participants expressed desire for information that can assist audit committees in their assessment of the more qualitative aspects of the audit, such as the engagement team having the right mindset to bring forth professional skepticism and auditor judgment.
  • Most participants endorsed a flexible approach that allows an audit committee, working with the external auditor, to tailor or customize the selection and portfolio of AQIs that best suit its specific information needs.
  • Audit committee members expressed strong concerns that public disclosure of engagement-level AQIs could lead to unintended consequences. A strong consensus emerged that any disclosures of engagement-level AQI information should be voluntary.

For more information, see the report and press release on the CAQ’s Web site.

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