The audit quality center will make a significant contribution to raising performance expectations of CPA firms performing benefit plan audits. The Institute also plans to launch a Government Audit Quality Center this summer as part of its broader effort to deliver tools and techniques to members in their efforts to provide high-quality audits.
The activities of the Employee Benefit Plan Audit Quality Center will be directed by a center executive committee appointed by S. Scott Voynich, AICPA board chairman. According to Voynich: “This center provides a forum that spurs CPA firms performing audits to make immediate quality improvements to employee benefit plan audits under the Employee Retirement Income Security Act (ERISA). In addition to gaining access to best practices, guidance and tools focusing on quality improvement, members of the center will be subject to requirements that demonstrate each firm’s commitment to audit quality in this area.”
“The center is intended to make a direct statement to members of our profession about the importance of their audit performance,” said Susan Coffey, vice-president of audit quality and professional ethics. “It will give members the tools they need to adhere to a high standard of quality. And it will be a place where firms dedicated to quality auditing of benefit plans will share best practices, learn about emerging issues and take steps to enhance quality in their practices.”
This center has begun accepting member applications. For more information go to www.aicpa.org/ebpaqc/homepage.htm .