September 29, 2017

CAQ Snapshot: September 2017

Third Annual #AuditorProud Social Media Blitz Celebrates the Profession and Audit Careers

On September 28, the Center for Audit Quality (CAQ) and its members led a third annual social media blitz highlighting the benefits of a career in auditing and the important role auditors play in capital markets. Using #AuditorProud, auditors and others around the world took to social media channels to share personal stories of why they chose a career in auditing, what they love about the profession, and what makes them proud to be an auditor.


As part of the #AuditorProud blitz, participants shared selfies at the "Faces of Audit" feature on DiscoverAudit.org.

 “The audit profession offers a world of opportunities on the cutting edge of business and finance for young professionals,” said Deloitte LLP CEO and CAQ Governing Board Chair Cathy Engelbert in a press release. “Now more than ever, the audit profession needs people trained in the latest technology to meet the changing needs of businesses and investors. #AuditorProud day helps us share the many exciting opportunities that await young professionals who pursue a career in public company auditing.”

For 2017, the CAQ invited high school and college students who are interested in careers in audit to participate in a #FutureAuditor contest. Students were encouraged to upload a selfie, photo, or post with #FutureAuditor showing why they are interested in audit. Stay tuned for winners, which will be announced soon.

“#AuditorProud day is a celebration of the important work that auditors do to serve investors and promote strong capital markets across the globe,” said CAQ Executive Director Cindy Fornelli. “The profession is committed to attracting the best and the brightest future auditors to continue its long tradition of innovation and ongoing work to build trust in financial reporting.”

More details on the blitz­—as well as resources for auditors, educators, and high school and college students—are available at DiscoverAudit.org.

Now Available: Videos and More from Annual CAQ Symposium

Materials from the Ninth Annual CAQ Symposium, held this year on August 6 in San Diego, are now available on the CAQ website. The event, which coincides each year with the American Accounting Association's Annual Meeting, is a key part of the CAQ's ongoing dialogue with the academic community on how research can inform audit practice.


The Ninth Annual CAQ Symposium

Materials include videos from each panel discussion:

Also available is a summary of the Symposium's breakout discussions, in which research academics and senior profession representatives further explored the key issues and questions raised during the panels.

Register Today! October 24 Program on the Board’s Role in Disclosure

There's still time to register for an October 24 event, "Telling Your Company’s Story: The Board’s Role in Disclosure," hosted by the CAQ and the John L. Weinberg Center for Corporate Governance at the University of Delaware. A panel of thought leaders, including CAQ Executive Director Cindy Fornelli, will bring to bear investor, issuer, auditor, director, and legal perspectives on how boards of directors can communicate with key stakeholders through disclosure oversight and engagement. What are board best practices in disclosure oversight? What do investors desire and expect? The panel will address these questions and much more. This free-of-charge program offers CPE (2 credits) and Delaware CLE (2 credits).

To register for the event and to learn more about the program, please visit the event's registration page.

CAQ Offers Recommendations for PCAOB Proposals on Estimates, Use of Specialists

In a pair of recent comment letters, the CAQ provided the Public Company Accounting Oversight Board (PCAOB) with profession input on two key issues: (1) auditing accounting estimates and (2) the auditor's use of specialists.

On auditing accounting estimates, the CAQ's letter expressed support for the PCAOB’s efforts in this area and provided a range of recommendations, drawing on both past CAQ comment letters and its 2015 publication, Auditing Accounting Estimates and Fair Value Measurements: A Framework. Regarding the use of specialists, the CAQ pointed to several areas where the PCAOB could provide additional clarity for auditors when specialists are used in the audit.

Profession in Focus Welcomes Grant Thornton's Jeff Burgess

Episode 51 of "Profession in Focus" features Jeff Burgess, national managing partner of Audit Services for Grant Thornton LLP. Burgess discusses what it means to be part of a global accounting network, the importance of training in a global environment, and how his firm is enhancing its ability to identify potential indicators of fraud.


Grant Thornton's Jeff Burgess joins the CAQ's Cindy Fornelli on "Profession in Focus."

Says Burgess: "We do a lot of training from the US to make sure that our folks in our foreign office locations understand the audit requirements that we have, that they understand internal control over financial reporting at a deep level."

Join the CAQ at These Upcoming Events

NACD Global Board Leaders' Summit
Join us at NACD’s Global Board Leaders’ Summit on October 2 at the Audit Committee Forum and at 7:00 a.m. on October 3 for a breakfast where Cindy Fornelli will moderate a discussion with Marc Panucci, deputy chief accountant at the Securities and Exchange Commission; Phillip Austin, BDO’s national managing partner of audit; and Sue Gove, president at Excelsior Advisors on “Sensitivity in Disclosures & Transparency.” Registration is open!
October 1-4; National Harbor, MD (Website)

Fall Engagement Summit
The CAQ is pleased to sponsor and participate in the Fall Engagement Summit on Thursday, October 12. We look forward to seeing our investor and governance colleagues there.
October 12, 2017; New York, NY (Website)

John L. Weinberg Center and Center for Audit Quality Event
We are proud to partner with the John L. Weinberg Center for Corporate Governance for a discussion on “Telling Your Company’s Story: The Board’s Role in Disclosure.” The CAQ’s Cindy Fornelli will join panelists Eileen Cohen, JPMorgan Asset Management; Robert Evans III, Securities and Exchange Commission; Peggy Foran, Prudential Financial, Inc.; Douglas Maine, independent director and audit committee chair – BroadSoft, Inc., Orbital-ATK, Inc.; The Honorable John Noble, former vice chancellor at the Delaware Court of Chancery; Sharon Virag, Aetna; John White, Cravath, Swaine, and Moore, LLP; and moderator Charles Elson, Weinberg Center, for a lively discussion.
October 24, 2017; Newark, DE (Register)

Harvard Law School Corporate Governance Roundtable
The CAQ is proud to sponsor and participate in the 2017 Harvard Law School Corporate Governance Roundtable on Wednesday, October 25.
October 25, 2017; Cambridge, MA (Website)

Ethisphere and Center for Audit Quality: India Governance & Ethics Forum
The CAQ is pleased to partner with Ethisphere on the 2017 India Governance & Ethics Forum where key thought leaders, including the CAQ’s Cindy Fornelli, will discuss opportunities, challenges, and best practices regarding corporate governance and the role of the independent director in India.
November 13, 2017; Mumbai, India (Website)

ACGA Annual Conference
We look forward to seeing our international governance colleagues at the Asian Corporate Governance Association’s 17th Annual Conference.
November 14-15, 2017; Mumbai, India (Website)