An effective definition of audit quality should encompass two key factors, the Center for Audit Quality (CAQ) told the PCAOB in a comment letter dated May 13. The CAQ, which is affiliated with the AICPA, has been working over the past several months to develop perspectives that could help define
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Strategy
How audit committees can meet risk management oversight challenges
Risk management oversight is one of the most challenging areas for audit committees across the globe, according to a new report issued Tuesday by the Center for Audit Quality (CAQ), the Federation of European Accountants (FEE), and the Institute of Chartered Accountants in Australia (ICAA). The report summarizes the results
From CGMA Magazine: Flexing the strategy muscles
Finance teams have long been tasked with gazing into the past. They were the ones with the answers about how the company has performed over time, how it did in the past month, and how it just did compared with how it used to do. But now finance professionals are
How to do business abroad
Infragistics is a 21st-century pioneer. The midsize New Jersey software developer has built its business by expanding into emerging markets—wherever it could find sales potential and outstanding software development talent. “If there’s a strategic business opportunity, if it’s kosher, we’ll go there,” said Chris Rogers, CPA, CFO of Infragistics, which
SEC approves PCAOB standard on communication with audit committees
The SEC has approved PCAOB Auditing Standard No. 16, Communications with Audit Committees, and related amendments to PCAOB standards that were designed to help external auditors communicate effectively with audit committees during public company audits. All U.S. public companies, including emerging growth companies as defined in the Jumpstart Our Business
New tool aids in evaluation of external auditors
With interactions between audit committees and external auditors a focus of a steady stream of news recently, a new tool has been developed to assist audit committees in annual evaluations of external auditors. The Center for Audit Quality (CAQ), which is affiliated with the AICPA, is one of seven organizations
CAQ releases practice aid on audit communication
How should audit firms and audit committees be talking to each other? The Center for Audit Quality (CAQ) examines the question in a brief guide released Wednesday on ways to enhance the flow of information on audit inspections and quality-control matters. The CAQ practice aid says that “transparent, candid communication
From CGMA Magazine: The merits of thinking the unthinkable
You’re about to embark on an important project. You think it will be a success, but you can’t be sure. So you imagine that, a year down the track, your project has failed. Then you seek answers: What killed it? How could failure have been avoided? What other kinds of
Treasury basics for an overseas expansion
Understanding regulatory requirements and standard operating procedures in international locations is essential for domestic corporations expanding into overseas markets. The following tips, compiled by Wells Fargo’s international banking division, can help companies establish an effective global treasury policy: Consult with key advisers early. Draft the overall scope and plan for
PCAOB adopts rules on communication between audit committees, external auditors
A new auditing standard approved unanimously Wednesday by the PCAOB is designed to encourage two-way, effective communication between external auditors and audit committees during public company audits. With the aim of improving audit quality, the PCAOB approved Auditing Standard (AS) No. 16, Communications With Audit Committees, and amendments to other
Protect “crown jewels” by integrating risk management into strategy
In an environment where risks are growing—and growing in complexity—few companies are fully considering risk in their business strategies. The percentage of companies adopting enterprisewide risk oversight has almost tripled in three years but remains small; implementation has yet to take place in more than three out of four organizations,
PCAOB gives audit committees guidance on inspections of audit firms
In an effort to help audit committees make informed decisions, the PCAOB on Wednesday released a 26-page report describing how its inspections of audit firms work and how to gather information from audit firms about those inspections. PCAOB inspection reports are partly public and partly private. In the release, Information
Corporate governance best practices 10 years after SOX
You could hardly go to a Washington hearing related to an accounting or auditing issue this spring without someone singing the praises of the Sarbanes-Oxley Act of 2002 (SOX). At a House subcommittee meeting on accounting and auditing oversight, House Financial Services Committee Chairman Spencer Bachus, R-Ala., said SOX has
Updated COSO framework will help audit committees comply with SOX
The compliance revolution after the passage of the Sarbanes-Oxley Act of 2002 (SOX) was accomplished in large part with the help of the internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO’s framework became part of a worldwide movement to enhance periodic accounting and
CFO round table: Managing uncertainty
Three CFOs from three very different industries offer insight into the fickle global marketplace—and how their roles are changing because of it.
A strategic approach to IT budgeting
Organizations of all types struggle with information technology (IT) budgeting. This often happens because the IT team doesn’t understand the budgeting process and the finance team doesn’t understand IT. CPAs, whether in public practice, business and industry, the not-for-profit sector or government, can remedy this disconnect by changing their organization’s
Helping CEOs connect the dots
The business world is experiencing an extraordinarily challenging period. The multiple pressures exerted on executives in terms of global competition, increasing regulation, climate change and growing expectations from consumers has resulted in a call for a new business paradigm. At the end of last year, the AICPA joined forces with
CEOs seeking value in human dimension of business
The human dimensions of business – areas such as talent development, intellectual property and relationships with suppliers and customers – will be the primary focus of top executives during the next 18 to 24 months. And one of their first challenges will be determining the value of these factors to unlock
CGMA launch focuses on nonfinancial value, long-term business strategies
A panel of executives meeting in the finance capitals of New York City and London discussed new research Tuesday on the importance of the human dimension and nonfinancial value in long-term business strategies. The event, hosted by the AICPA and the Chartered Institute of Management Accountants (CIMA), was part of
PCAOB Reproposes Standard on Communications with Audit Committees
The PCAOB on Tuesday reproposed for comment an audit standard, Communications with Audit Committees, and related amendments to PCAOB standards. Initially, the standard was proposed on March 29, 2010. According to a PCAOB news release, the reproposed standard is designed to align communications requirements with performance demands in other PCAOB
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
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