This site uses cookies for analytics, personalized content and ads. By continuing to browse this site, you agree to this use of cookies in accordance with our Cookie Policy.

CAQ Snapshot: July 2017

Thursday, July 27, 2017

New Video Series Explores SOX at 15-Year Mark

The Center for Audit Quality (CAQ) and the Securities and Exchange Commission (SEC) Historical Society have jointly released a series of videos commemorating the 15th anniversary of the Sarbanes-Oxley Act (SOX). Passed with overwhelming bipartisan support in July 2002, SOX implemented comprehensive financial reforms to better protect investors, improve financial disclosures, and deter financial reporting fraud.

“These videos tell the success story of the Sarbanes-Oxley Act and how it transformed financial reporting to benefit investors and our capital markets,” said CAQ Executive Director Cindy Fornelli in a statement. “We’re proud to say that audit quality, investor confidence, and financial reporting are stronger today thanks in large part to this landmark legislation.”

The series, which is available at the CAQ’s website and coming soon to the virtual museum and archive of the SEC Historical Society, is divided into six concise chapters to showcase how SOX impacted various players in the financial reporting supply chain, capital markets, and academia.

The series features interviews with more than a dozen experts, including current and former regulators, academics, audit professionals, and investor representatives.

Anti-Fraud Webcast Focuses on Accounting Policy, ICFR

On July 11, over 2,000 people tuned in to another installment in the Anti-Fraud Collaboration’s successful series of webcasts. Featuring a panel of experts, the webcast explored how companies can enhance their accounting policies and internal controls with an eye toward stemming fraud and reducing the number of financial restatements. An archived version of the webcast can be found on the Anti-Fraud Collaboration website, the CAQ’s YouTube channel, and the videos resource page of the CAQ website.

The Anti-Fraud Collaboration has also added the December 2016 webcast—”SEC Investigations: Are There Benefits to Cooperation and Self-Reporting?“—to its set of online self-study courses. Housed on the learning platform of the American Institute of CPAs, these courses can be taken free of charge and with the potential of earning two continuing professional education credits for each course.

In Case You Missed It: The CAQ’s Ide Looks Ahead to the Audit of the Future

Technological advances will likely reshape how audits are approached, staffed, and completed. In a recent webinar hosted by Accounting Today, CAQ Senior Director of Professional Practice Catherine Ide, joined a panel of experts to discuss technology trends and the implications for public company auditing. Appearing with Ide on the webinar are Phillip Austin, national managing partner for auditing at BDO USA; Peter Scavuzzo, CIO at Marcum LLP; and moderator Dan Hood, editor in chief at Accounting Today.

Discover Audit Initiative Highlights Auditing Careers at School Counselor Conference

As part of its outreach to schools and universities, the CAQ’s Discover Audit team traveled to Denver, CO for the Annual Conference of the American School Counselor Association (ASCA). Each year, the event brings together thousands of school counseling professionals.

During the conference, Discover Audit joined the American Institute of CPAs (AICPA) to distribute information and materials about the exciting career possibilities in accounting and public company auditing. Those messages were reinforced and amplified in conference remarks from Kimberly N. Ellison-Taylor, CPA, CGMA, the chairman of the Association of International Certified Professional Accountants, chair of the AICPA Board of Directors, and global accounting strategy director for the financial and professional services industries for Oracle America.

Find free resources and learn more about the Discover Audit initiative at

“Profession in Focus” Welcomes Botosan, Hamm

The CAQ has added two new episodes to its “Profession in Focus” series. The first episode features Board Member Christine Ann Botosan of the Financial Accounting Standards Board (FASB). Botosan discusses implementation of the new revenue recognition standard (set to take effect for many public companies on January 1, 2018), including disclosure considerations and helpful resources available through FASB. An award-winning professor and researcher, Botosan also provides insights on how the public company auditing profession and academia can work together to equip accounting students for success as they enter the workforce and over the course of their careers.

A subsequent episode focuses on cybersecurity with the views of Kathleen M. Hamm, Global Leader of Securities and Fintech Services at Promontory Financial Group. Hamm, who recent served at the US Treasury Department as counselor to the deputy secretary, provides insights on the important interplay between private and public sectors on cybersecurity, along with her recommendations to companies grappling with this challenging and evolving issue.

Join the CAQ at These Upcoming Events

American Accounting Association Annual Meeting
Join the CAQ at the AAA Annual Meeting in San Diego, where Cindy Fornelli will moderate a panel discussion with Jeanette Franzel, Board Member at the PCAOB; Maria Moats, Assurance Leader at PwC, LLP; Chris Smith, Global Head of Audit and Accounting at BDO; and Marsha Keune, Assistant Professor at the University of Dayton on “Materiality – Do We Know It When We See It?” on Monday, August 7 at 10:15 a.m. And stop by booth #23 in the Exhibit Hall to learn more about
August 6-8, 2017; San Diego, CA (Website)

Equilar Board Leadership Forum
The CAQ is proud to join Equilar and Nasdaq for the 5th Board Leadership Forum. Erin Dwyer, CAQ Senior Director of Stakeholder Engagement, will be joined by Michael Garland, Assistant Comptroller at the Office of NY City Comptroller; Drew Hambly, Executive Director at Morgan Stanley Investment Management; and Sonia Lurie, Proxy Voting Officer at Dodge & Cox for a discussion around what investors want to see from directors. Registration is open.
September 12, 2017; New York, NY (Website)

Council of Institutional Investors Fall Conference
The CAQ is proud to continue its partnership with the Council of Institutional Investors at its 2017 Fall Conference, where we’re pleased to be a part of “The Audit Committee in Action” simulation on September 14 at 11 a.m.
September 13-15; San Diego, CA (Website)

Discover Audit #AuditorProud Social Media Blitz
Join the CAQ and the public company auditing profession as we celebrate the third annual #AuditorProud social media blitz. We want to know why you’re excited to work in the audit profession, or with auditors, and why you’re #AuditorProud. All are welcome to participate in the social media event, including current and former auditors, educators, students, and policy leaders. The blitz will be promoted on Twitter, Instagram, Facebook, LinkedIn, and Snapchat. On the day of the blitz, participants are encouraged to upload selfies on the Discover Audit website to show support!
September 28; Worldwide (Website)

NACD Global Board Leaders’ Summit
We look forward to seeing many of our governance colleagues at this year’s NACD Global Board Leaders’ Summit. Join us October 2 at the Audit Committee Forum and at 7 a.m. on October 3 for a power breakfast where Cindy Fornelli will join Marc Panucci, Deputy Chief Accountant at the Securities and Exchange Commission, and Phillip Austin, BDO’s National Managing Partner of Auditing, for a discussion on “Sensitivity in Disclosures & Transparency.” Registration is now open!
October 1-4; National Harbor, MD (Website)