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Center for Audit Quality

International Filers May Get Reprieve on XBRL Reporting Deadline

Tammy Whitehouse April 19, 2011

Foreign private issuers that file in the United States using International Financial Reporting Standards are likely to get a reprieve on a looming deadline to start using XBRL technology in their financial reports, because the SEC has yet to approve a taxonomy for IFRS filers. Consider it one more challenge as the United States moves toward global accounting standards. Details inside.

CAQ Reports on Fraud Best Practices, Launches New Effort

Tammy Whitehouse October 06, 2010

The key to deterring would-be corporate fraudsters is a strong tone at the top, a skeptical approach to financial reporting, and strong communication among those in the reporting supply chain, according to a recent report from the Center for Audit Quality.The CAQ conducted five roundtables and 20 in-depth interviews to...

CAQ Checklist Summarizes All Q2 Pronouncements

Tammy Whitehouse July 20, 2010

Checklists may have become a dirty word in some audit and finance contexts, but here’s a checklist that just might be a lifesaver.The Center for Audit Quality has assembled a checklist of every accounting, auditing, and regulatory pronouncement effective in the second quarter that might be important to preparers, auditors,...

Groups Ask Congress to Leave Accounting Rules Alone

Tammy Whitehouse May 11, 2010

Users of financial statements and the accounting profession are lobbying Capitol Hill once again to keep its political nose out of accounting rulebooks.Seven professional groups sent an appeal to leaders of the U.S. Senate and its Banking Committee to state their objections to an amendment to the Restoring American Financial...

SEC Offers Views on Consolidation Transition Issues

Tammy Whitehouse April 16, 2010

The Center for Audit Quality has some tips to share directly from the staff of the Securities and Exchange Commission on how companies should handle some transition issues as they adopt new consolidation accounting rules.The CAQ’s SEC Regulations Committee met recently with SEC staff to discuss some reporting issues related...

CAQ Offers Inflation Views for Global Companies to Weigh

Tammy Whitehouse March 02, 2010

After consulting with staff at the Securities and Exchange Commission, a Center for Audit Quality task force says companies with operations in Venezuela should consider new accounting for those operations because the economy there is considered inflationary.The Center for Audit Quality issued an alert advising companies with operations in Venezuela...

PCAOB Calls for Bigger Budget to Increase Staff

Tammy Whitehouse December 01, 2009

Amid some uncertainty about its own future, the Public Company Accounting Oversight Board approved a five-year strategic plan and an increased budget for 2010 calling for more staff to beef up audit inspections and enforcement.The PCAOB anticipates a budget of $183.3 million for 2010, a 16-percent increase over the 2009...

Battle Lines Drawn Over Who Governs Accounting Rules

Tammy Whitehouse November 16, 2009

A battle is brewing on Capitol Hill over who should control accounting standards that are followed by public companies.The House Financial Services Committee continues to mark up its proposed Financial Stability Improvement Act, and now a controversial bipartisan amendment has been added to the package to assign a new overseer...

Investor Groups Stump for FASB Independence

Tammy Whitehouse November 04, 2009

Investor advocates are getting nervous about a lot of things being discussed on Capitol Hill these days, including ideas that could potentially put accounting rules under more political authority.The Center for Audit Quality, the Council of Institutional Investors, and an arm of the U.S. Chamber of Commerce sent a letter...

Survey: Investors Want Enforcement, Not New Regulators

Tammy Whitehouse October 01, 2009

The average investor reeling in the aftermath of economic chaos is looking for enforcements and harsh punishments, not new regulatory structures, to fend off a repeat event.In polling 1,000 household investors in late August and early September, the Center for Audit Quality determined investors generally trust themselves more than regulators,...

CAQ Wraps Up AS5 Series for Smaller Companies

Tammy Whitehouse September 18, 2009

In the third of its three-part Webcast series on auditing internal control over financial reporting, the Center for Audit Quality provides some expert insight into how auditors should evaluate control deficiencies and wrap up the audit process.While that may be old hat for companies that have already experienced a few...

CAQ Guide Explains Pros, Cons of Switch to IFRS

Tammy Whitehouse September 09, 2009

If you’re behind on your reading and need to catch up on why International Financial Reporting Standards are such a big deal, the Center for Audit Quality has a solution.The CAQ published a quick, 10-page summary of what IFRS is all about and why they have become a topic of...

SEC Staff Looks for Good Disclosure in Times of Stress

Tammy Whitehouse July 08, 2009

The staff of the Securities and Exchange Commission has put preparers and auditors on notice that they are studying filings closely to assure they reflect any signs of stress companies may be experiencing as a result of the economic crisis.SEC staff members met with the SEC Regulations Committee of the...

No Deferrals Expected for 404b Audits, CAQ Says

Tammy Whitehouse June 19, 2009

Smaller public companies looking for yet another deferral of the internal control auditing requirements of Sarbanes-Oxley should focus their efforts instead on getting ready for the audit.That’s the message from the Center for Audit Quality as it continues a three-part Webcast next week to help smaller companies’ auditors get up...

Whirlwind of New Rules Commands Quick Review

Tammy Whitehouse June 11, 2009

After a period of remarkable change and turmoil, it’s not a bad idea to take a step back and assess the scene. The Center for Audit Quality and PricewaterhouseCoopers recently provided some resources that will help those responsible for financial reporting run a checklist to assure they haven’t missed any...

Center for Audit Quality Offers Grants for Audit Research

Tammy Whitehouse April 01, 2009

The Center for Audit Quality is offering $200,000 in research funding for projects that would address some squishy audit and financial reporting issues, including the use of professional judgment, professional skepticism, audit quality, and the value of an audit.The CAQ formed a research advisory board made up of academics and...

Advocacy Groups Renew Appeals to New Leaders

Tammy Whitehouse February 17, 2009

Investor advocate groups are renewing their appeal to the new administration and to Congress to resist the temptation to tinker with accounting rules as a solution to the credit crisis and its effects on the economy.The Center for Audit Quality, CFA Institute, Consumer Federation of America, and the Council of...

CAQ Reiterates Accounting for Restructured Mortgages

Tammy Whitehouse January 13, 2009

The Center for Audit Quality issued a year-end white paper to fortify rules calling for a full accounting of troubled mortgages that have been restructured.The paper’s intent is to address questions regarding how to apply FAS 114, Accounting by Creditors for Impairment of a Loan, to restructured mortgages, especially given...

CAQ Offers View on Testing Journal Entries to Spot Fraud

Tammy Whitehouse December 12, 2008

The Center for Audit Quality is encouraging audit firms to follow a common format for testing journal entries and other journal adjustments to make it easier for auditors to spot potential fraud.The CAQ developed a practice aid with the help of auditors from its various member firms for testing journal...

Treasury Committee Updates Auditing Proposal

Tammy Whitehouse September 30, 2008

A Treasury committee has updated its draft report on how to prop up the auditing profession but with no further consensus on what could or should be done to minimize the threat of liability wiping out an audit firm.Given the inability of the committee to reach an agreement on the...

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Survey of the Week

Deloitte is conducting their annual Look Before You Leap: Managing Risks in Global Investments survey to better understand the approaches companies are taking to address compliance and integrity-related risks in emerging markets.