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CAQ issues resource on audit quality reporting by U.S. audit firms

  • CAQ (US Center for Audit Quality) Image

Aug 14, 2013

The Center for Audit Quality (CAQ) issued a resource on audit quality reporting that highlights some important elements of audit quality that U.S. audit firms could consider in developing or refining their own audit quality reporting. The CAQ issued this resource to share best practices across its member firms.

The resource provides examples of possible firm-specific information on the following topics:

  • Firm Leadership and Tone at the Top
  • Independence, Objectivity and Skepticism
  • Audit Process, Methodology and Performance
  • Professional Development and Competency
  • Monitoring
  • Firm Organization and Structure

However, each firm would have the flexibility to determine what, when, and how information on audit quality is reported. In addition, the CAQ encourages individual firms to tailor this type of reporting to best describe the specifics of its practice and periodically update such reporting to highlight any significant changes in firm policies and practice or recent investments in audit quality. According to the CAQ, the breadth, size, and complexity of a firm’s public company audit practice are relevant factors when considering the nature, timing, and extent of reporting on audit quality.

Click for the CAQ Resource (link to the CAQ website).

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