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CAQ publishes approach to audit quality indicators

  • CAQ (US Center for Audit Quality) Image

Apr 25, 2014

The Center for Audit Quality (CAQ) has issued “CAQ Approach to Audit Quality Indicators,” which outlines a suggested approach for identifying and communicating audit quality indicators (AQIs) and describes a set of potential AQIs that the CAQ plans to pilot test in the coming months with several auditing firms and audit committees.

The paper notes that (1) firm leadership and the tone at the top; (2) engagement team knowledge and workload; (3) monitoring; and (4) auditor reporting are “thematic elements of audit quality [that] facilitate the identification of matters that are most relevant to an audit committee’s oversight responsibilities.”

The communication of AQIs would be directed at audit committees. The AQIs would focus primarily on engagement-specific indicators and would supplement other audit-committee communications.

The CAQ intends to pilot test the set of potential AQIs throughout the 2014 audit cycle and will assess its findings after testing phrase.

The paper is available on the CAQ’s Web site.

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