Washington, DC – Center for Audit Quality (CAQ) Executive Director Cindy Fornelli issued the following statement on the Securities and Exchange Commission’s (SEC) approval of a new Public Company Accounting Oversight Board (PCAOB) standard to enhance the relevance and usefulness of the auditor's report:
"The CAQ welcomes the enhanced auditor's reporting model to provide additional information to investors and other stakeholders in an increasingly complex and global business environment. We appreciate the PCAOB’s responsiveness to the auditing profession’s concerns and recommendations throughout the proposal process, including observations from the CAQ's field testing. This is a positive step toward continuous improvement of the audit to better serve investors and our capital markets.
“We look forward to working with the SEC and PCAOB during implementation of the new model to encourage a seamless transition for preparers, auditors, audit committees, and investors.”
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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, DC, the CAQ is affiliated with the American Institute of CPAs. For more information, visit www.thecaq.org.
October 23, 2017