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Discover how to combat financial fraud effectively with the Anti-Fraud Collaboration and the CAQ. Our resources emphasize four crucial themes in fraud prevention: promoting skepticism, fostering an ethical culture, risk management, and utilizing emerging technologies. Learn to detect and deter fraud more proficiently with our comprehensive guides and resources.

In this comment letter, more than 200 audit committee chairs, board members and other capital markets stakeholders signed on to share their concerns about proposed Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations and Other...

<span data-contrast="none">In this comment letter, more than 200 audit committee</span><span data-contrast="none"> chairs, board members and other capital markets stakeholders signed on to share their concerns about </span><a href="https://assets.pcaobus.org/pcaob-dev/docs/default-source/rulemaking/docket-051/pcaob-release-no.-2023-003---noclar.pdf?sfvrsn=fe43e8a_2&amp;utm_source=PCAOB+Email+Subscriptions&amp;utm_campaign=98790bd37a-EMAIL_CAMPAIGN_2019--forums2019_COPY_01&amp;utm_medium=email&amp;utm_term=0_c97e2ba223-98790bd37a-125440512"><span data-contrast="none">proposed Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations and Other Related Amendments</span></a><span data-contrast="none">.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> This letter was submitted on behalf audit committee chairs, members, and other public company board members who collectively sit on the boards of public companies aggregating to over $2 trillion in market capitalization.</span>

<span data-contrast="none">These stakeholders support the PCAOB’s mission to protect investors by modernizing audit standards that support the performance of continued high-quality audits in today’s complex business environment. However, they are concerned that the proposed amendments do not advance that mission. The board members are concerned that the PCAOB’s proposal risks reducing audit quality and lessening investor protections while unnecessarily increasing the cost and complexity of audits. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span>

<span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span><b><span data-contrast="none">Specifically, the board members shared the following concerns: </span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span>
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"><span data-contrast="none">The proposed scope is too broad.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span></li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><span data-contrast="none">The proposal does not sufficiently take into account a company’s existing compliance function and the shared responsibility of the board of directors, the audit committee, the chief compliance officer, and the general counsel.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span></li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"><span data-contrast="none">Auditors are not lawyers and as a result the proposed amendments would expand the auditor’s role to include knowledge and expertise outside their core competencies.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span></li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"><span data-contrast="none">The proposal will substantially increase the cost of the audit without a commensurate benefit.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span></li>
</ul>
<b><span data-contrast="none">In the comment letter, the signatories agree: </span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span>
<ol>
 	<li data-leveltext="%1." data-font="Calibri" data-listid="3" data-list-defn-props="{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"><span data-contrast="none">Any change should keep the auditor focused on NOCLAR that could materially impact the financial statements, such as material penalties or loss contingencies.</span></li>
 	<li data-leveltext="%1." data-font="Calibri" data-listid="3" data-list-defn-props="{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Any requirement of the auditor should be risk-based and consider the role the company’s compliance program plays in detecting NOCLAR that could be material to the audited financial statements.<span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span></li>
</ol>
<b><span data-contrast="auto">It takes company management, audit committees, auditors, and regulators working in concert to foster a system that supports both high-quality financial reporting and audits. This comment letter contains important perspectives from these stakeholders on AS 2405 that the PCAOB should consider. </span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

<span data-contrast="none">Read the full comment letter </span><a href="https://thecaqprod.wpenginepowered.com/wp-content/uploads/2023/09/Board-AC_CommentLtr_PCAOB_2023_08_Amended9-12.pdf"><span data-contrast="none">here</span></a><span data-contrast="none">.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

Comment Letter, Sign-on Letter | PCAOB: AS 2405, A Company’s Noncompliance with Laws and Regulations

Auditors

Audit Committee

Preparers/Issuers

Academics

Investors

Comment Letter

Company Management

Broker Dealers

Audit Quality

Anti-Fraud

In this comment letter, the CAQ provides views to the PCAOB related to its request for comment on its proposed Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations and Other Related Amendments.

The CAQ supports...

In this comment letter, the CAQ provides views to the PCAOB related to its request for comment on its <a href="https://assets.pcaobus.org/pcaob-dev/docs/default-source/rulemaking/docket-051/pcaob-release-no.-2023-003---noclar.pdf?sfvrsn=fe43e8a_2&amp;utm_source=PCAOB+Email+Subscriptions&amp;utm_campaign=98790bd37a-EMAIL_CAMPAIGN_2019--forums2019_COPY_01&amp;utm_medium=email&amp;utm_term=0_c97e2ba223-98790bd37a-125440512">proposed Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations and Other Related Amendments</a>.

The CAQ supports the Board’s intention to modernize and strengthen auditing standards related to the auditor’s consideration of a company’s noncompliance with laws and regulations, including fraud, as a way to strengthen auditing practices and continuously improve audit quality. We believe that any project to modernize the auditing standards should be focused on enhancing audit quality and the benefit of an independent audit, while making it clear what an auditor is expected to do in the context of a financial statement audit.

We are concerned that the proposed amendments would result in requirements that may not be practical or achievable and could cause considerable confusion with respect to the appropriate role of auditors, ultimately to the detriment of investors.

The auditing profession has been and remains committed to its role among the various stakeholders in the US financial reporting ecosystem, and is supportive of enhancements to existing AS 2405, but we believe that updates need to be principles based and allow the auditor to take a risk-based approach<em>.</em> <em> </em>

We believe further engagement with all relevant stakeholders in the financial reporting ecosystem, including public roundtables and field testing, is needed to understand the implications of the proposal and whether it will meet the Board’s objectives.

<strong>Key Observations</strong>

Our key observations on the proposal fall in the following five categories:
<ol>
 	<li><strong>Fundamental shift in the objectives of an audit:</strong> The requirements proposed in the standards represent a fundamental shift in the auditor’s objectives in planning and performing the audit. The proposed standard puts auditors in the position of performing procedures consistent with the objective of a compliance audit or forensic investigation. We recommend the Board look to the rulemaking history of Section 10A of the Securities Exchange Act, as well as the rulemaking history of PCAOB Auditing Standard No. 2, and the later need for PCAOB Auditing Standard No. 5, when finalizing the proposed standard.</li>
 	<li><strong>Scope of the proposal: </strong>The securities laws and their implementing regulations do not require a public company’s management to identify all laws and regulations to which the public company is subject, and yet this proposal appears to essentially require auditors to do so. Our concern with the lack of clarity related to the "threshold" auditors would use to identify laws and regulations on which to focus their procedures is at the heart of our concerns with the proposed standards. Clarifying the threshold of which laws and regulations an auditor would need to focus on, and how this would relate to the risk assessment the auditor performs with respect to the historical financial statements being audited, would improve the operability of the proposed standard.</li>
 	<li><strong>Auditors are not lawyers or forensic specialists: </strong>Broadening the scope of the laws and regulations for which the auditor must consider whether non-compliance “could reasonably” have a material impact on the financial statements would require a deep level of legal and regulatory subject matter expertise and interpretation, which does not fall within the core competencies of financial statement auditors and could be viewed as the auditor engaging in the unauthorized practice of law. The proposed standards significantly expand auditors’ need for expertise from significant numbers of lawyers, regulatory experts, fraud experts, and other specialists.</li>
 	<li><strong>Role of auditor versus role of management:</strong> A long-established accountability framework exists, whereby management prepares and discloses financial and other information; auditors obtain reasonable assurance about whether the financial information is prepared in accordance with a financial reporting framework, in all material respects; and regulators provide oversight of the public companies and auditors. The proposal essentially transforms the auditor’s role into a responsibility to monitor an entity’s compliance with evolving laws and regulations, which is, at a minimum, a compliance function and, potentially, a management function. Such a transformation would come at the detriment of the auditor’s core responsibilities of performing an independent assessment of the financial statements prepared by management.</li>
 	<li><strong>Costs and benefits of NOCLAR proposal require further study: </strong>The costs and benefits of the NOCLAR proposal have not been adequately studied. The proposal does not quantify the substantial costs that could be incurred as a result of the proposed standards, nor does it provide evidence that benefits will be achieved.</li>
</ol>
Read the full comment letter <a href="https://thecaqprod.wpenginepowered.com/wp-content/uploads/2023/08/caq_pcaob_NOCLAR_2023_08.pdf">here</a>.

Comment Letter | PCAOB: AS 2405, A Company’s Noncompliance with Laws and Regulations

The CAQ's Dennis McGowan will be speaking at this year's ACFE Global Fraud Conference on the panel, Fraud Risk in the New Risk Fronter: ESG Reporting and Practices.

Panel Description:

ESG practices and reporting are quickly emerging as a new frontier of...

The CAQ's Dennis McGowan will be speaking at this year's ACFE Global Fraud Conference on the panel, <a href="https://events.acfe.com/session_catalog/#/attendee/6C92606D-E3B9-45EC-A013-59C96EB5D76E/catalog">Fraud Risk in the New Risk Fronter: ESG Reporting and Practices</a>.

Panel Description:

ESG practices and reporting are quickly emerging as a new frontier of risk in business and society. The potential for fraud is rising alongside it. Join us for a discussion among experts in various fields and learn how organizations can design and implement controls to ensure accurate ESG practices and reporting.

You Will Learn How To:
<ul>
 	<li>Explore the emerging risks around ESG practices and reporting, including “greenwashing”</li>
 	<li>Identify the potential for fraud in ESG practices and disclosures</li>
 	<li>Examine ways in which organizations can design effective controls around ESG information to build confidence in disclosures and mitigate fraud risk</li>
</ul>
Speakers: <strong><span class="speakerContainer"><span class="speakerItem"><span tabindex="0" title="View Speaker">Brad </span><span tabindex="0" title="View Speaker">Monterio, </span></span><span class="speakerItem"><span tabindex="0" title="View Speaker">Benito </span><span tabindex="0" title="View Speaker">Ybarra, CFE, </span></span><span class="speakerItem"><span tabindex="0" title="View Speaker">Dennis </span><span tabindex="0" title="View Speaker">McGowan, CPA, </span></span><span class="speakerItem"><span tabindex="0" title="View Speaker">Grant </span><span tabindex="0" title="View Speaker">Ostler</span></span></span></strong>
<div class="session-datetime"><strong>CPE:</strong> 1.5 | <strong>Ethics CPE: </strong>No</div>
<div class="session-datetime"><strong>Session Level:</strong> Overview</div>
<div class="session-datetime"><strong>Field of Study: </strong>Specialized Knowledge</div>
<div class="session-datetime"><strong>Recommended Prerequisite: </strong>None</div>
<div></div>
<div><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.fraudconference.com_-3F-5Fga-3D2.118560844.417916913.1685452717-2D857206003.1666707546-26-5Fgac-3D1.120195578.1684334086.CjwKCAjw9pGjBhB-2DEiwAa5jl3NDE7ytri5y49Prd-5FbJHZO9Th-2DNTVrV5exZ4kWYyV8tvAuAFRVwCsBoCLa0QAvD-5FBwE&amp;d=DwMGaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=4PdDGDrNTfeQvy4B6Rmdpg&amp;m=VLLdb4L-GvMvHc4zrWRqBmGeXpT-KQiORRzR5SuXAwY&amp;s=SupLr1GDivGHjeLom0gi4NFXestu--UaFjYX1MUnv9g&amp;e=">Register for the conference.</a></div>

ACFE Global Fraud Conference - Fraud in the New Risk Frontier: ESG Reporting and Practices

As part of the CAQ’s efforts to engage a broader array of stakeholders and serve as a prominent voice for the audit profession, KRC Research conducted qualitative research in the format of in-depth interviews with Institutional Investors and Audit Committee...

As part of the CAQ’s efforts to engage a broader array of stakeholders and serve as a prominent voice for the audit profession, KRC Research conducted qualitative research in the format of in-depth interviews with Institutional Investors and Audit Committee Members of publicly traded companies.
<ul>
 	<li>The research was designed to assess sentiment toward public company auditors, including:</li>
 	<li>Overall impressions, including recent trends.</li>
 	<li>The value, expertise, and independence of public company auditing.</li>
 	<li>The role public company auditors play in measuring GAAP and non-GAAP components of a business.</li>
 	<li>The role public company auditors play in evaluating environmental, social and governance (ESG) statements issued by publicly traded companies.</li>
</ul>
<a href="https://thecaqprod.wpenginepowered.com/wp-content/uploads/2023/06/caq_views-on-public-company-auditors_2023-06.pdf">Download the full report</a> now to explore insights into how institutional investors, who utilize the work of public company auditors, and audit committees, who oversee the work of auditors, perceive them.

Views on Public Company Auditors: Audit Committee Member and Institutional Investor Research Findings

Policymakers

Publications

Auditor Independence

Non-GAAP

Emerging Reporting Areas

You don’t have to go too far back in history to see how financial reporting fraud can harm US markets. The fraud scandals in the early 2000s led to a massive disruption in the markets and – more importantly –...

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			<p>You don’t have to go too far back in history to see how financial reporting fraud can harm US markets. The fraud scandals in the early 2000s led to a massive disruption in the markets and – more importantly – investor trust in those markets.</p>
<p>“Financial fraud has threatened the underlying fabric of markets in the past,” said Phillip Austin, National Assurance Managing Partner at BDO. “Companies were failing that shouldn’t have failed based on their financial reports, because financial statements were being manipulated.”</p>
<p>This fraud threatened everyone with money invested in US markets, from large institutional investors to individual Americans with 401ks. Fortunately, the tools to fight fraud have strengthened substantially over the past 20 years. Transformational financial reporting regulation in the United States, through the Sarbanes-Oxley Act, increased public company management’s accountability for fraud prevention and the external auditors’ independence.</p>
<p style="text-align: left;">Auditors are increasingly leveraging&nbsp;data and technology&nbsp;to fight fraud. With new automation technology, auditors are moving from sampling small subsets of relevant data to looking at larger swaths or even complete datasets. In specific cases, auditors are applying technology like machine learning to effectively evaluate documents for specific terms or phrases.</p>

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			<p>“The outcome of auditors’ efforts to fight fraud really starts with sustaining audit quality, which includes robust execution of fundamental audit procedures to detect material misstatements from fraud,” said Christian Peo, National Managing Partner, Audit Quality and Professional Practice at KPMG. “That’s critical to our role in protecting and serving the capital markets.”</p>
<p>Auditors are fulfilling their responsibility to fight fraud under US auditing standards, but fraud deterrence and detection is a shared responsibility, according to CAQ Executive Director Julie Bell Lindsay.</p>
<p>“It requires extreme vigilance from all participants in the financial reporting system,” said Lindsay. “That includes regulators, internal and external auditors, audit committees, and especially public company management, which is ultimately responsible for designing and implementing programs and controls to deter and detect fraud.”</p>
<p>The United States has one of the strongest financial reporting systems in the world. In fact, regulators in other countries are considering establishing their own laws and regulations with provisions similar to the Sarbanes-Oxley Act in the United States.</p>
<p>Innovation by auditors and other financial reporting stakeholders in the US will continue to improve our ability to fight fraud in the future.</p>

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Fighting Fraud for Two Decades

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Blog Post

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                                	<h5>Video</h5>    
                                	<h3>ECI 2022 Conference | The Future of ESG Reporting and Assurance</h3>
                                	<h4>Monday, May 23, 2022</h4>
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                                    <p><span data-contrast="none">For Ethics and Compliance Initiative’s 2022 Impact Conference, the Center for Audit Quality hosted the panel, </span><i><span data-contrast="none">The Future of ESG Reporting and Assurance</span></i><span data-contrast="none">. ESG-related matters are gaining significant attention from investors, regulators, and other stakeholders. There has been significant change in the ESG reporting space this year. On March 21, 2022, the SEC proposed rules to and the SEC is considering rules requiring enhanced disclosure of climate-related risks, and the SEC is also considering rules to enhance disclosure of human capital management, and board diversity. Watch this replay of the panel as our panelists explore the current and future ESG reporting and assurance landscape and the challenges the evolving landscape may pose for companies.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>
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<p><b><span data-contrast="none">Moderator:</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"><br>
</span><span data-contrast="none">Margot Cella, </span><i><span data-contrast="none">Center for Audit Quality</span></i><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>
<p><b><span data-contrast="none">Panelists:&nbsp;</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"><br>
</span><span data-contrast="none">Jim Burton, </span><i><span data-contrast="none">Grant Thornton LLP&nbsp;</span></i><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"><br>
</span><span data-contrast="none">Taylor Harris, </span><i><span data-contrast="none">Center for Audit Quality</span></i><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>
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