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The Center for Audit Quality: Auditors’ Vision in Motion

The Center for Audit Quality: Auditors’ Vision in Motion. A Presentation to the 38 th Meeting of the International Auditing and Assurance Standards Board March 18, 2010. Enhancing confidence and trust by…. CAQ’s Individual Investor Survey. The Public Policy Challenge.

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The Center for Audit Quality: Auditors’ Vision in Motion

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  1. The Center for Audit Quality: Auditors’ Vision in Motion A Presentation to the 38th Meeting of the International Auditing and Assurance Standards Board March 18, 2010

  2. Enhancing confidence and trust by…

  3. CAQ’s Individual Investor Survey

  4. The Public Policy Challenge

  5. Regulatory Challenges – The Threat to Audit Quality

  6. The CAQ’s Commitment to Audit Quality

  7. The CAQ’s Anti-Fraud Initiative • Deterring and detecting fraud is a shared • responsibility • “Tone at the top” is critical • Boards and audit committees must maintain • skepticism • SOX has created environments that are less • conducive to fraud

  8. Audit Research • Research Advisory Board promotes credible • and timely research on audit-related topics • 2009: 5 projects awarded $130,000 in funding • 2010: 37 responses to our latest RFP; up to • $200,000 in funding available • Research symposia explore link between • audit research and practice

  9. IFRS • CAQ pleased by SEC’s support for a single set of • high-quality global standards • Have encouraged SEC to execute its Work Plan • so it can make a positive decision in 2011 • Our “Guide to IFRS” is a balanced overview of • the challenges and opportunities

  10. In Conclusion The profession has made great strides in improving public company audit quality Regulators and standard setters are subject to heightened scrutiny, if not outright criticism CAQ will remain active, in collaboration with stakeholders Our work – including Anti-Fraud Initiative – continues

  11. Cindy FornelliExecutive DirectorCenter for Audit Quality www.TheCAQ.org

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