Audit Committees Prefer Customized, Tailored Audit Quality Indicators
A new report of CAQ – the Center for Audit Quality shows that the members of audit committee would favor the capacity to customize and tailor audit quality indicators to go well with their specific information requirements.
The progress of audit quality objective measures has been a center of attention of the profession from many years. A concept paper has been issued by the PCAOB in July looking for responses on a possible selection of qualitative measures that might give new approaching about how to assess the quality of audits.
The Center for Audit Quality is associated with AICPA, in 2014, anticipated a set of audit quality pointers for appointed teams that might be used to better notify audit group about key issues that possibly will help to the quality of an audit.
On Tuesday, a report of CAQ issued which précised comments from members of audit committee who contributed in pilot testing of the future audit quality pointers. The many contributing audit committees and appointed teams in general articulated support for a conversation of audit quality pointers between appointed teams and audit committees through responses on individual indicators were different.
In a news release, the Executive Director of CAQ Cindy Fornrlli said, “We are thankful to all the contributors. Round table conversations and pilot testing have offered extremely supportive inputs to the profession’s work in this area. But these hard works also have exposed us where more work to b done, while confirming many portions of our approach.”