January 19, 2011

CAQ’s 2010 Year in Review Highlights Organization’s Policy Initiatives and Outreach Activities

Washington, D.C. – The Center for Audit Quality (CAQ) has released its 2010 Year in Review, documenting the public policy organization’s numerous initiatives in support of public company audit quality. Foremost among those was the CAQ anti-fraud initiative, highlighted by two important undertakings: the release of a report entitled Deterring and Detecting Financial Reporting Fraud: A Platform for Action; and the formation of a collaborative partnership with other prominent organizations to advance the anti-fraud effort.

The sections profiled in the Year in Review include the CAQ’s outreach, research, professional practice and member services activities. The annual publication documents the CAQ’s extensive efforts on behalf of public company auditors in its role as a liaison to the profession’s regulators and overseers. Additional highlights include the release of our annual Main Street Investor Survey, the funding of independent academic research on audit-related topics, the second annual Auditing Research Symposium bringing together leading academics and senior audit partners, and webcasts featuring SEC and PCAOB staff perspectives on issues important to smaller public companies and their auditors.

“The 2010 Year in Review summarizes a busy year for the CAQ and the public company auditing profession,” said CAQ Executive Director Cindy Fornelli. “We remained focused on promoting investor confidence in audited financial statements through various outreach and educational activities to support continuous improvement in audit quality. We plan to continue our efforts and we are pleased that our 2010 Main Street Survey shows a large majority of investors (70 percent) have confidence in audited financial statements of publicly traded companies.”

The Year in Review was distributed to a wide variety of stakeholders with an interest in audit quality as well as the CAQ’s member firms. The publication is available on the CAQ’s Web site.

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The Center for Audit Quality (CAQ) is an autonomous public policy organization serving investors, public company auditors and the capital markets. The CAQ’s mission is to foster confidence in the audit process and to aid investors and the markets by advancing constructive suggestions for change rooted in the profession’s core values of integrity, objectivity, honesty and trust. Based in Washington, D.C., the CAQ is affiliated with the American Institute of Certified Public Accountants. For more information, visit www.thecaq.org.