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CAQ Snapshot: January 2018

Thursday, February 1, 2018

CAQ Year in Review Recaps 2017 Accomplishments

The Center for Audit Quality (CAQ) has published its 2017 Year in Review, which covers the CAQ’s key activities and accomplishments in support of public company audit quality. Among other topics, the Year in Review highlights the CAQ’s work to help public company auditors improve their effectiveness, its support for independent research, its collaborative efforts around fighting financial reporting fraud and working with audit committees, and its engagement with regulators on a range of key issues. To request a hard copy of the report, please contact Melissa Marbury at (202) 609-8061 or


CAQ Creates New Classroom Video Resources on Risk Assessment

On its website, the CAQ offers educational videos that can be used in the classroom or as training resources. In January, the CAQ augmented these resources with a new set of video excerpts from a panel discussion at the Ninth Annual CAQ Symposium.

In these videos, practitioners and a leading academic provide perspectives on various issues related to auditors’ risk assessment of a company. Topics covered include how auditors approach risk assessments, how materiality impacts the auditor’s risk assessment, consideration of risks in multilocation audits, and documentation issues, among others.


Webcast Provides Insights on Oversight of Corporate Culture

Over 2,100 viewers tuned in to a December 2017 installment in the Anti-Fraud Collaboration’s webcast series. Featuring a panel of experts, the webcast highlighted leading practices to strengthen a company’s corporate culture; explored various oversight responsibilities; and covered how culture impacts strategy, risk, and performance.

An archived version of the webcast can be found on the Anti-Fraud Collaboration website, the CAQ’s YouTube channel, and the videos resource page of the CAQ website. For key takeaways from the webcast, see the post “Vigilance Critical to Corporate Culture and Risk Management” on Financial Executives International’s (FEI’s) FEI Daily blog.

The CAQ is a founding member—along with FEI, the National Association of Corporate Directors, and The Institute of Internal Auditors—of the Anti-Fraud Collaboration. Since 2010, the collaboration has promoted the deterrence and detection of financial reporting fraud through the development of thought leadership, awareness programs, educational opportunities, and related resources.


AICPA Paper Sheds Light on New Cybersecurity Risk Management Examination

The American Institute of CPAs (AICPA) recently introduced a new cybersecurity risk management examination, SOC for Cybersecurity, designed to help all types of organizations meet the growing challenge of communicating the design and effectiveness of their cybersecurity risk management programs. A new paper from the AICPA illuminates the differences between a SOC for Cybersecurity examination and a SOC 2 examination.

“Although both examinations can provide report users perspective and insight into an organization’s cybersecurity controls,” the paper notes, “there are some meaningful differences between the audience, subject matter, and scope of each that serve a variety of critical marketplace needs.”

Learn more about how the CPA profession is addressing cybersecurity challenges at resources pages from the AICPA and the CAQ.


Sandra Richtermeyer

Profession in Focus Welcomes Sandra Richtermeyer of the Manning School of Business

Episode 56 of Profession in Focus features Sandra Richtermeyer, Dean of the Manning School of Business at the University of Massachusetts Lowell. Among other topics, Richtermeyer discusses the importance of business students having a solid understanding the role of directors, the need for more experiential learning in cybersecurity, and why auditing is an excellent field in which to start a career.

In addition to her deanship at the Manning School of Business, Richtermeyer serves as President of the Board of Directors at Beta Alpha Psi, an honor organization for financial information students and professionals. A key benefit to Beta Alpha Psi membership, Richtermeyer notes in the interview, is that it helps students and others develop their leadership abilities. “One of the best ways to learn leadership skills is to lead volunteers,” she says.


Interview Explores How Sound Corporate Governance Affects Investor Confidence

How aligned are institutional and main street investors in matters of corporate governance and investor confidence? What has been the impact of efforts such as recent initiatives launched by the New York City Pension Funds to make corporate boards more diverse and independent? These questions and others are explored in the January episode of Inside America’s Boardrooms, featuring CAQ Executive Director Cindy Fornelli and Michael Garland, Assistant Comptroller for Corporate Governance and Responsible Investment for New York City Comptroller Scott M. Stringer.

Michael Garland and Cindy Fornelli

In her comments, Fornelli stresses the importance of effective disclosure. “Not every investor has the opportunity to sit down with a large public company,” she says. “The best way for a company to communicate and to interact with investors is through their disclosures.”


Join the CAQ at These Upcoming Events

Weinberg Corporate Governance Symposium
We look forward to seeing our governance colleagues at this year’s Weinberg Corporate Governance Symposium for a discussion about “Governance Issues of Critical Importance to Boards and Investors in 2018.”
March 6; Newark, Delaware

Women Corporate Directors 2018 Americas Institute
We look forward to seeing our director colleagues at the Women Corporate Directors (WCD) Americas Institute.
March 6–8; Ventura, Florida

Council of Institution Investors Spring Conference
The CAQ is pleased to be a sponsor of the Council of Institution Investors’ (CII’s) Spring Conference. Registration is now open for our investor friends.
March 12–14; Washington, DC

REITwise: 2018 Law, Accounting, & Finance Conference
Join the CAQ at the REITwise 2018 Law, Accounting, & Finance Conference. Cindy Fornelli will speak on the panel “The State of Non-GAAP Reporting,” along with Matthew DiLiberto, CFO of SL Green Realty Corp.; Christine McElroy, Senior Analyst-Retail at Citi; Marc Siegel, Board Member of the Financial Accounting Standards Board; and moderator Serena Wolfe, Partner at EY.
March 21–23; Hollywood, Florida