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.
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to improve disclosures by amending certain requirements that may have become redundant, duplicative, overlapping, outdated, or superseded. The amendments will benefit investors, the CAQ says, by eliminating duplicative and outdated information thereby allowing the investor to better focus on the disclosure of material information.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.
CAQ comments on SEC amendments to smaller reorting company definition
CAQ - 08/30/2016
The CAQ and the Council of Institutional Investors (CII) comment on the Securities and Exchange Commission’s proposal, Amendments to Smaller Reporting Company Definition. The letter expresses the two organizations' strong support for the SEC's proposed amendment to the accelerated filer definition, which would maintain the current accelerated filer public float threshold. The letter also registers opposition to any amendments that would erode Section 404(b) or increase the accelerated filer public float threshold. The CAQ and CII believe that any amendment that erodes Section 404(b) would substantially impact the quality of financial reporting by public companies to the detriment of investors and our capital markets more generally.
CAQ comments on proposed Auditing Standard - The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion
CAQ - 08/15/2016
The CAQ applauds the efforts of the PCAOB to consider ways to update and enhance the auditor’s reporting model to provide additional information to stakeholders in an increasingly complex and global environment. The CAQ recognizes that the PCAOB has been working diligently since the Concept Release on Possible Revisions to PCAOB Standards Related to Reports on Audited Financial Statements to develop an approach that is beneficial to all stakeholders. The letter presents the CAQ's observations and suggestions on the PCAOB's reproposal in the following categories: critical audit matters, additional improvements to the auditor’s report, applicability, and effective date.