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Audit Committee

Policymakers across the globe increasingly recognize the vital role of audit committees and their importance to audit quality. In close collaboration with partner organizations, the CAQ is actively engaged in policy developments related to audit committees.

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Audit Quality Indicators

The CAQ has been at the forefront of the movement to develop quantitative and qualitative metrics regarding the audit—commonly referred to as audit quality indicators (AQIs)—that could be used to better inform audit committees about key matters that may contribute to the quality of an audit.

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Auditor Reporting

Engaging constructively with policymakers and key stakeholders, the CAQ and its members have made substantial and practical contributions to ongoing efforts to enhance information presented in the auditor’s report to investors and other users.

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CAQ Symposium

The Annual CAQ Symposium brings together practice leaders and audit research scholars for a discussion of important issues and an exploration of how research can inform those issues. On the pages for each event, find videos, summaries, and panel participants.

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Cybersecurity

Cybersecurity threats are complex and an evolving issue with serious implications for public companies, their boards, investors, and other stakeholders, making it critical that the public company auditing profession does their part to support companies, boards, and others in addressing such threats.

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Effective Disclosure

The CAQ is a prominent voice in the discussion about effective financial disclosures. Convening key investor and financial groups, the CAQ has developed concrete recommendations on ways to facilitate investors’ access to meaningful information.

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Emerging Technologies

Emerging technologies are altering the financial reporting environment substantially, and this change is accelerating. For auditors and others in financial reporting, the CAQ provides insights on the benefits and risks of technology developments.

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Fair Value Accounting

The CAQ has engaged on the issue of fair value (or mark-to-market) accounting, regarding both its usage broadly in the markets and in the context of auditing fair value measurements.

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ICFR

Robust internal control over financial reporting (ICFR) is a keystone of investor confidence. The CAQ has advanced the discussion around ICFR and produced a range of resources on the issue.

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IFRS

In an increasingly interconnected global economy, market participants are considering whether it is possible or desirable to move toward a more uniform global “language” for financial reporting. As the discussion has taken place around International Financial Reporting Standards (IFRS), the CAQ has been an active voice.

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Independent Standard Setting

The CAQ has been outspoken against policy provisions that would interfere with the independence of the accounting and auditing standard-setting processes.

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Mandatory Firm Rotation

The CAQ has been a leading voice on the issue of mandatory audit firm rotation, which has significant implications for investors, audit committees, public company auditors, and the markets.

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Sarbanes-Oxley

The enactment of the Sarbanes-Oxley Act (SOX) of 2002, a law aimed at fostering more reliable financial reporting and enhancing audit quality, was a watershed moment for investors, public company auditors, and the markets. The CAQ has worked to create understanding of the impact of this important law. It has opposed efforts to weaken SOX section 404(b), which provides investors with important assurance by the independent auditor regarding management’s representations about the effectiveness of their company’s internal control over financial reporting (ICFR).

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The Value of Auditor Independence

Our capital markets are an important engine for driving and maintaining our economic and societal well-being. These markets operate on information, and audited financial statements have long been a critical element of this information dynamic for their accuracy, transparency, and reliability. As investors make decisions, they depend on the information they receive from public company management. As a result, investors need—and in fact have long sought—an independent third party to provide assurance on the information provided by company management. Independence underpins the very credibility of the audit and, ultimately, its value to capital markets. It is also one reason why audit quality in the US has never been higher.

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Transparency of Audits

The CAQ has engaged on the issue of effectively enhancing transparency in the audit, endeavoring to facilitate access to meaningful information for financial statement users and other constituencies.

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