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AICPA releases 6-point plan to enhance audit quality

AICPA releases 6-point plan to enhance audit quality

In a six-point plan released Thursday, the AICPA describes extensive ongoing and new efforts to improve audit quality.

Continued improvement in the quality of audits has long been a core focus of the AICPA. In May 2014, the Institute launched its Enhancing Audit Quality (EAQ) initiative, which focuses on addressing quality issues on a holistic, ongoing basis. The initiative focuses on audits of private entities, employee benefit plans, and governmental agencies in the United States.

“Audit quality has always been a CPA profession imperative,” AICPA President and CEO Barry Melancon, CPA, CGMA, said in a news release. “And as the issue has risen in importance worldwide, we recognized that a bigger, bolder step was needed to address challenges related to financial statement audit performance. This concerted effort is at the core of the profession’s quality-driven mission to meet the needs and challenges of a rapidly changing financial marketplace.”

The AICPA’s six-point plan outlines the road map to enhanced audit quality. The plan covers several stages in the process of becoming or being an auditor:

“This six-point plan will promote the pursuit of quality throughout a CPA’s journey—from before an individual is licensed to when he or she builds professional competency and engages in peer review and practice monitoring,” Sue Coffey, CPA, CGMA, AICPA senior vice president–Public Practice & Global Alliances, said in a news release. “It places the necessary emphasis on areas that we believe will help our members stay focused on achieving the highest level of performance for financial statement audits.”

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

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