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CAQ Snapshot: March 2016

Monday, March 28, 2016

CAQ Welcomes Brian J. Cassidy as Professional Practice Fellow 

Brian J. Cassidy, CPA, has joined the Center for Audit Quality (CAQ) as a Professional Practice Fellow. With over 11 years of audit and advisory risk experience, Mr. Cassidy joins the CAQ on loan from Deloitte LLP, where he is an audit senior manager. 

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Brian J. Cassidy, CPA

“We are delighted to welcome Brian to the CAQ team,” said CAQ Executive Director Cindy Fornelli in a press release. “His extensive experience with complex public company auditing issues will be of great value to our professional practice and public policy activities.”

Mr. Cassidy is the seventh participant in the CAQ’s Professional Practice Fellowship Program, which is conducted in collaboration with the CAQ’s member firms. He succeeds Kevin Lavin of EY. 

“Kevin has been a valuable part of the CAQ’s leadership team during his fellowship,” Fornelli added. “We thank Kevin for his service to the CAQ and his numerous and significant contributions to our audit policy agenda and activities. We wish him well as he returns to EY.”

New CAQ Document Captures Insights on the Evolving Role of Audit Committees

A global policy wave continues to sweep over audit committees, says a new CAQ publication presenting takeaways from an international series of panels co-hosted by the CAQ and the International Corporate Governance Network. The document outlines several key challenges discussed at the events, held in seven cities across the globe from 2013 to 2015, as well as panelist ideas on how to address those challenges.

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The publication cautions that overcoming challenges faced by audit committees is no easy task, given the complexities of the global policy environment. Yet taking steps identified by panelists—enhancing transparency, effecting evolutionary change, embracing assertive audit committees, striving for diversity, and engaging on policy—can “all serve to bolster audit quality and benefit investors.” 

Register Now: Free April 12 Event on the “Audit Committee of the Future”

What should the composition of future audit committees look like? On April 12, a group of experts will discuss at an event co-hosted by the CAQ and the John L. Weinberg Center for Corporate Governance of the Alfred Lerner College of Business & Economics at the University of Delaware.

As audit committees confront new risks, market complexities, and regulatory scrutiny, some are calling for a fresh look at the definition of an “audit committee financial expert,” as well as a reexamination of the number of financial experts required for boards. The panel will explore these and other issues, along with possible challenges and paths forward.

Taking place in Newark, DE, the free-of-charge program will run from 9:30 a.m. to 12:00 p.m., followed by a complimentary lunch. CLE and/or CPE credits will be offered. For more details, and to register, visit the event’s registration page.

“Profession in Focus” Features Sunderland, Fletchall

In March, the CAQ added two new episodes in its “Profession in Focus” video series. The first episode features Dan Sunderland, partner at Deloitte & Touche LLP. Sunderland, who serves as Deloitte’s National Leader of Audit and Assurance Services, touches on the state of auditing, the role of technology, and programs aimed at narrowing the gap between academics and practitioners. “We’re really in an audit renaissance,” he observes, a remark expounded on by Fornelli in a subsequent LinkedIn Influencer commentary.

Profession in FocusIn the second episode, Randy Fletchall, CPA, discusses the “business imperative” of the ongoing work to foster greater diversity in the profession. Fletchall, a retired EY partner and current President of the AICPA Foundation Board of Trustees, also shares views on the profession’s rapport with academia, notably its work to bolster the pipeline of accounting professors.