Publications

External Auditor Assessment Tool: A Reference for US Audit Committees

The External Auditor Assessment Tool is designed to assist audit committees in carrying out their responsibilities of appointing, overseeing, and determining compensation for the external auditor. The tool contains sample questions to help committees in four specific areas: quality of services and sufficiency of resources provided by the engagement team; quality of services and sufficiency of resources […]

Video

Webcast on Critical Audit Matters

Effective for audits of large accelerated filers with periods ending on or after June 30, 2019, auditors will be required to communicate critical audit matters in their auditor’s reports. In this free-of-charge CAQ webcast—recorded in April 2019—hear from an expert panel about the early lessons learned as public company auditors prepare to implement this new […]

Publications

Audit Quality Disclosure Framework

The Audit Quality Disclosure Framework can aid audit firms of all sizes as they develop or consider developing their transparency or audit quality reports. Developed in consultation with a range of CAQ member firms, the Framework adheres to three key principles: The Framework is voluntary and illustrative, as opposed to prescriptive or all-inclusive. The Framework […]

Publications

2018 Main Street Investor Survey

The CAQ’s Main Street Investor Survey annually measures retail investor confidence in US capital markets, global capital markets, public companies, and audited financial information. Findings from the 2018 Main Street Investor Survey include: 74 percent of investors expressed confidence in US capital markets. 78 percent of investors showed confidence in investing in US publicly traded […]

Publications

Emerging Technologies, Risk, and the Auditor’s Focus: A Resource for Auditors, Audit Committees, and Management

Emerging Technologies, Risk, and the Auditor’s Focus explores financial reporting implications of the evolving use of technology such as artificial intelligence, the internet of things, and smart contracts. As the resource highlights, a solid understanding of the benefits and risks of these technologies is necessary for auditors, audit committees, and management to execute their respective […]

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Annual CAQ Symposium

The Annual CAQ Symposium is designed to bring together practice leaders and audit research scholars for discussion of important issues and exploration of how research can inform those issues. On the pages for each event, find videos, summaries, and lists of panel participants (along with biographical information for those panelists).

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Audit Committee Issues

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 Independence

Along with skepticism and objectivity, independence is a pillar of audit quality. Audit firms are committed to continuously enhancing their policies, processes, and systems to monitor independence on audit engagements.

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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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Audits of Brokers and Dealers

A significant portion of the CAQ’s member firms audit brokers and dealers. The CAQ monitors and provides resources to aid its membership in this area, which is a focus for policymakers.

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Cybersecurity

A complex and evolving issue, cybersecurity has serious implications for public companies, their boards, investors, and other stakeholders. The CAQ works to illuminate the role of auditors in this critical area.

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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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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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Fighting Fraud

The CAQ produces a range of resources to promote deterrence and detection of financial reporting fraud. Additionally, the CAQ is a founding member of the Anti-Fraud Collaboration, which unites organizations representing members of the financial reporting supply chain.

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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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Role of the Auditor

The CAQ has been at the forefront of the discussion around the role of the public company auditor and whether it should evolve to meet the changing information needs of investors.

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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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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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