CAQ Snapshot: April 2015
Wednesday, April 29, 2015
Four Projects Selected for CAQ/AAA Access to Audit Personnel Program
The Center for Audit Quality (CAQ) and the Auditing Section of the American Accounting Association (AAA) announced four awards for the Access to Audit Personnel Program. This is the third year that the CAQ and the AAA Auditing Section have supported this program, which facilitates the ability of accounting and auditing academic scholars to acquire access to audit firm personnel who participate in their research projects.
From 24 proposals received, a Review Committee selected the following projects to support:
- Ann Backof, University of Virginia, How Does Evidence Specificity in Auditors’ Look-Back Analysis Affect Auditors’ Planning Judgments? (with Roger Martin and Jane Thayer, University of Virginia)
- Cassandra Estep, University of Illinois at Urbana-Champaign, Integrating IT Specialist Input on Audit Engagements: The Joint Effects of IT Specialist Attitude and Team Membership
- Michael Ricci, University of Georgia, Using Audit Programs to Improve Audits of Complex Estimates(with Jacqueline Hammersley, University of Georgia)
- Nicole Wright, Northeastern University, The Impact of Attraction Effect and Specific Guidance on Auditors’ Assessment of Level 3 Fair Value Assumptions (with Sudip Bhattacharjee, Virginia Tech, and Kimberly Moreno, Northeastern University)
“The CAQ is pleased to continue this valuable and unique program that has the potential to inform and help shape the future of the auditing profession,” said CAQ Executive Director Cindy Fornelli in a press release.
Fornelli: “Abundance” of Resources in Anti-Fraud Fight
Accountants and auditors, financial executives, boards of directors, and other key stakeholders across the financial reporting supply chain now have more resources and knowledge than ever to aid them in deterring and detecting fraud, writes Cindy Fornelli in a “Viewpoints” commentary on the International Federation of Accountants (IFAC) website. What’s more, she adds, careful and comprehensive application of resources makes a huge difference to detecting fraud at companies of all sizes.
“These efforts aren’t just desirable in principle,” she says, “they get results.”
As they avail themselves of resources and pursue anti-fraud initiatives, Fornelli urges all stakeholders to share that knowledge freely. “Read a report, peruse a case study, or watch a video, “she says, “then share that resource with colleagues or your connections on LinkedIn and other social networks.”
Available at IFAC’s Global Knowledge Gateway, “Viewpoints” is a forum for thought leadership and commentary on a wide variety of accounting-related topics.
Leadership and Diversity on the Agenda for Women in Capital Markets
Why do women remain underrepresented in leadership, and what does it means when diversity is lacking in the decision-making process? These questions were the focus of an April 2015 gathering of Women in Capital Markets, a CAQ initiative that regularly brings together top business leaders, policymakers, and academics for discussion of critical issues facing capital markets.
Among other topics, panelists at the lunch examined best practices—such as sponsorship and mentoring—that could be adopted to encourage and promote more diversity in leadership. The discussion was moderated by Rebecca Shambaugh, President and CEO of SHAMBAUGH, and also featured a special guest: Catherine M. Engelbert, Chief Executive Officer at Deloitte LLP and CAQ Governing Board Member (pictured at left, with CAQ Executive Director Cindy Fornelli).
Nicole Holden Joins CAQ Professional Practice Team
In April, the CAQ welcomed Nicole Holden as a new Technical Director for Professional Practice. Prior to arriving at the CAQ, Holden served as Senior Manager and Assistant Chief Auditor for the Public Company Accounting Oversight Board, where she focused on identification of higher risk audits and audit areas for closer consideration by the Division of Inspections and Division of Enforcement. In that role, Holden identified and analyzed emerging accounting and operational issues that may present elevated risk of audit failure, and evaluated current trends and developments affecting public companies accounting policies.
May 5 Program Will Explore the “Auditor of the Future”
There’s still time to register for a May 5 event, “The Auditor of the Future,” hosted by the CAQ and the John L. Weinberg Center for Corporate Governance at the University of Delaware. A panel of top experts, including CAQ Professional Practice Fellow Kevin Lavin, will bring to bear regulatory, investor, auditor, audit committee, and legal perspectives on the fundamental question of whether auditors should be asked to provide assurance—or opine to the audit committee and board—on more than financials. How far will the auditor’s responsibility go, and at what point do auditors need new skills to provide this assurance? To what extent will the audit committee and board be able to rely on assurances beyond the traditional area of auditors’ expertise?
To register for the event and to learn more about the program, please visit the Weinberg Center registration page.