January 31, 2013

2012 Year in Review Documents the CAQ’s Activities on Critical Capital Market Policies

~~Initiatives to Enhance Auditor Independence, Auditor-Audit Committee 
Communications Among the Highlights~~

Washington, D.C. – The Center for Audit Quality (CAQ) has released the 2012 Year in Review, the public policy organization’s annual report on key activities and accomplishments in support of public company audit quality.

“The CAQ and our member firms share with regulators, investors, preparers and audit committees the same goal,” CAQ Executive Director Cindy Fornelli wrote in a welcome letter “robust and healthy capital markets supported by audited financial reports that inspire investor confidence.”

To that end, the 2012 Year in Review highlights efforts to advance policy discussions that are critical to investors, public company auditors and the capital markets. Chief among these efforts are resources developed by the CAQ to enhance the quality of auditor-audit committee communications; an ongoing collaboration with corporate governance groups to develop tools and educational resources to help audit committees meet their obligations to oversee the external auditor and the financial reporting process; and efforts by the public company auditing profession to enhance auditor independence, objectivity and professional skepticism.

The 2012 Year in Review also documents developments of the CAQ’s Anti-Fraud Collaboration with Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors; continued efforts to build consensus around the evolving role of the auditor and the auditor’s reporting model; and expansion of the CAQ’s investor education campaign.

The 2012 Year in Review, encompassing the CAQ’s policy, research, professional practice and member relations, investor outreach, and communications activities, was distributed to the organization’s member firms, members of the media and other stakeholders with an interest in audit quality. The publication is available free of charge on the CAQ’s Web site.

***

The Center for Audit Quality (CAQ) is an autonomous public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high quality performance by public company auditors, convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors’ objectivity, effectiveness and responsiveness to dynamic market conditions. Based in Washington, D.C., the CAQ is affiliated with the American Institute of Certified Public Accountants. For more information, visit www.thecaq.org.