The Center for Audit Quality is dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ has standing committees and task forces that each have a different role in enhancing the quality of public company auditing and financial reporting, including Professional Practice Executive Committee (PPEC); SEC Regulations Committee; International Practices Task Force; and Smaller Firm Task Force.
New Tool Helps Audit Committees Assess Implementation of New Revenue Recognition Standard
CAQ - 12/13/2016
The Center for Audit Quality (CAQ) released a tool to help audit committees assess a company’s implementation of the new revenue recognition standard, which will take effect for many public companies on January 1, 2018.
New CAQ Paper Promotes Stakeholder Dialogue on Non-GAAP Financial Measures
CAQ - 12/05/2016
When presented appropriately, non-GAAP financial measures can provide useful insights about a company, says the Center for Audit Quality (CAQ) in a new publication: Non-GAAP Financial Measures: Continuing the Conversation. To increase the usefulness of those insights to investors and other users, the paper calls for a robust conversation across the financial reporting supply chain regarding the preparation, presentation, and use of these measures.
2016 Audit Committee Transparency Barometer
CAQ - 11/01/2016
The amount of information available to investors on audit committee oversight of the auditor continues to increase significantly, according to the latest edition of the Audit Committee Transparency Barometer, an annual report issued jointly by the Center for Audit Quality (CAQ) and Audit Analytics. Among other findings, the 2016 Barometer reveals double-digit growth since 2014 in the percentage of S&P 500 companies disclosing information on key areas of external auditor oversight, including auditor appointment and audit partner rotation.
CAQ Alert 2016-02: Select Auditing Considerations for the 2016 Audit Cycle for Brokers and Dealers
CAQ - 10/04/2016
CAQ Alert 2016-02, Select Auditing Considerations for the 2016 Audit Cycle for Brokers and Dealers, provides considerations for the 2016 audit cycle that may be relevant for audit and attestation engagements of brokers and dealers registered with the U.S. Securities and Exchange Commission (SEC), including areas that have recently been the subject of attention and focus by the PCAOB in its interim inspection process.
CAQ Alert #2016-01 - Select Auditing Considerations for the 2016 Audit Cycle
CAQ - 10/04/2016
CAQ Alert 2016-01, Select Auditing Considerations for the 2016 Audit Cycle, reminds member firms of important auditing considerations for the 2016 audit cycle. It identifies and discusses some of the more judgmental or complex audit areas for the upcoming audit cycle, including some of those identified by the Public Company Accounting Oversight Board (PCAOB) through its inspection process and published in recent PCAOB Staff Inspection Briefs.
CAQ comments on SEC disclosure update and simplification
CAQ - 10/03/2016
The CAQ expresses its support for the SEC’s Disclosure Effectiveness Initiative, including its efforts in the Proposing Release to improve disclosures by amending certain requirements that may have become redundant, duplicative, overlapping, outdated, or superseded. The amendments will benefit investors, the CAQ says, by eliminating duplicative and outdated information thereby allowing the investor to better focus on the disclosure of material information. Additionally, these proposed changes will simplify the compliance efforts of preparers and their auditors.
Minutes of the September 27, 2016 SEC Regulations Committee Joint Meeting with SEC Staff
CAQ - 11/08/2016
The Center for Audit Quality SEC Regulations Committee meets periodically with the staff of the SEC to discuss emerging financial reporting issues relating to SEC rules and regulations. The purpose of the following highlights is to summarize the issues discussed at the meetings. These highlights summarize topics discussed, including the following: a personnel and committee update, requests for intrepretive guidance, the Commission's Disclosure Effectiveness Initiative, and current financial reporting matters (non-GAAP financial measures, SAB Topic 13 update, extinguishment of registered guaranteed debt after period end but before the filing date, preparing pro forma financial statements when fiscal year ends differ by more than 93 days, and transition questions related to the new leasing standard).
Highlights of the May 17, 2016 Joint Meeting of the IPTF and the SEC Staff
CAQ - 07/18/2016
On May 17, 2016, the CAQ's International Practices Task Force met with the SEC staff to discuss: (1) Monitoring Inflation in Certain Countries, (2) New NYSE Rule Related to Interim Financial Information, (3) Updating annual financial statements for retrospective accounting that is first reflected in a full set of interim financial statements, that are not needed to meet nine-month financial statement timeliness requirements under Item 8.A.5 of Form 20-F, (4) More current interim financial statements provided on a local GAAP basis (i.e., other than US GAAP or IFRS-IASB), that is not needed to meet nine-month financial statement timeliness requirements under Item 8.A.5 of Form 20-F, (5) More current interim financial information provided on a local GAAP basis (other than IFRSIASB or US GAAP), for an FPI that files its annual financial statements under IFRS-IASB, and (5) Period to be covered for changes in internal control over financial reporting in the first 10-K filed by an issuer that was previously an FPI filing annual reports on Form 20-F.
© 2016 - Wed Jan 18 07:11:42 CST 2017 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.