All CAQ articles – Page 2

  • Article

    Still battling over internal control? Focus on risk assessments, communication

    2016-12-13T10:45:00Z

    In the continually evolving battle over internal control reporting and auditing, the strategy for the next front should include better risk assessments and timely communication with auditors. Tammy Whitehouse has more.

  • Article

    Despite heightened risks, auditors limit cyber-questions

    2016-11-08T15:00:00Z

    Auditors are arming up to be more proactive in the escalating cyber-war, but this year they’re still limiting their focus to financial statement risk. Tammy Whitehouse has more.

  • AuditWheel
    Article

    Auditors plan to dig into controls, risk in year-end audits

    2016-10-18T14:00:00Z

    Auditors preparing for the upcoming year-end audit cycle are assembling a long list of accounting, regulatory, and market concerns. Tammy Whitehouse has more.

  • Blog post

    CAQ gives auditors some year-end planning tips

    2016-10-05T14:15:00Z

    Companies beginning to prepare for year-end audits can get a sense of what might be on their auditors’ minds through a new alert from the Center for Audit Quality. More from Tammy Whitehouse.

  • AuditTechBackground
    Blog post

    CAQ: Audit’s role in cyber-security exams

    2016-09-15T20:45:00Z

    Public company auditors are suggesting that companies voluntarily submit to an independent cyber-security examination separate from the existing financial statement audit. Tammy Whitehouse explores a new process for examining and reporting on a company’s cyber-security risk management.

  • Blog post

    CAQ offers audit committees tool to assess non-GAAP use

    2016-07-05T19:30:00Z

    The Center for Audit Quality has created a tool to help audit committees navigate the thicket of questions they should be asking in light of increased scrutiny of corporate use of non-GAAP accounting measures. Tammy Whitehouse reports.

  • Blog post

    Cyber-security storms internal audit plans, poll finds

    2016-03-03T10:00:00Z

    A new survey from Protiviti of 1,300 internal audit professionals shows that companies have made big progress in the past year integrating cyber-security risk into internal audit plans. Nearly three out of every four organizations include cyber-security risk in their internal audit plans, according to the poll, up from only ...

  • Blog post

    CAQ Chooses Path Forward on Identifying Quality Indicators

    2016-01-19T17:00:00Z

    The Center for Audit Quality, which represents auditors, has issued a new report on its effort to pilot test its approach to defining audit quality indicators and its suggested path forward on how to identify the most effective way to define and then measure audit quality. The CAQ says it ...

  • Blog post

    SEC Mulls Audit Committee Mandates as Voluntary Disclosures Grow

    2015-11-05T13:45:00Z

    As the SEC considers the potential for new disclosure requirements for audit committees, audit committees themselves are volunteering more, according to recent analysis by the Center for Audit Quality and Audit Analytics. The analysis revealed one-fourth of companies in the S&P 500 enhanced their discussion around the audit committee’s appointment ...

  • Article

    Hosting a Related-Party Transaction About to Get Much Harder

    2015-10-20T11:45:00Z

    Image: Companies preparing year-end financial disclosures, beware: Auditors will be poring over related-party transactions to make sure those parties don’t get too wild. The new Audit Standard 18 pushed auditors to be more skeptical about transactions, so expect them to push you (and your audit committee) to be more diligent ...

  • Article

    Hosting a Related-Party Transaction About to Get Much Harder

    2015-10-20T11:45:00Z

    Image: Companies preparing year-end financial disclosures, beware: Auditors will be poring over related-party transactions to make sure those parties don’t get too wild. The new Audit Standard 18 pushed auditors to be more skeptical about transactions, so expect them to push you (and your audit committee) to be more diligent ...

  • Blog post

    CAQ Echoes Regulatory Warnings for Year-End Audits

    2015-10-13T12:15:00Z

    Image: The Center for Audit Quality has issued an alert to auditors advising where they should focus their audit attention this year. First up is professional skepticism and internal control over financial reporting, followed closely by risk assessments, cyber-security, revenue recognition, and related parties. “These alerts reflect the public company ...

  • Article

    Trying for More Clarity on Work of Audit Specialists

    2015-08-18T11:15:00Z

    Image: Another question on the way to a better corporate audit: whether audit firms need new rules to scrutinize the work of specialists, crucial players in producing fairly stated financial statements. The PCAOB wants to end confusion over specialists, which should help auditor and client company alike. “If you look ...

  • Blog post

    Audit Committees Get Fresh Tips on Evaluating Auditors

    2015-06-03T13:45:00Z

    Image: The Audit Committee Collaboration, backed by seven groups with various missions around corporate governance and investor advocacy, has updated its External Auditor Assessment Tool, tips to help audit committees conduct their evaluation of external auditors. Cindy Fornelli, executive director of the Center for Audit Quality, says the tool “can ...

  • Article

    Audit Relations Continue to Be Strained

    2015-05-27T16:15:00Z

    Image: Tensions over the audit of internal controls over financial reporting were in focus at the Compliance Week 2015 conference last week, with many saying corporate audit committees will ultimately need to resolve the problem. “We hear the concerns, even frustrations, from company officials over the level of audit work ...

  • Article

    Audit Voices Try to Calm Tensions on Evidence

    2015-03-17T13:45:00Z

    Image: Leaders of the auditing world are calling for a truce in arguments between internal and external auditors over how much evidence external auditors should collect themselves while scrutinizing internal controls—and are calling on audit committees to intervene earlier to prevent such disputes. “Essential value will be lost if external ...

  • Blog post

    Ford Feels Venezuela Pinch With $800 Million Charge

    2015-01-27T14:00:00Z

    Ford Motor Co. is taking a one-time $800 million charge to earnings in its 2014 fourth quarter because of continued currency problems with Venezuelan operations. In a filing with the SEC, the company said the currency woes have constrained parts availability, which makes normal production difficult to maintain. Details inside. ...

  • Blog post

    SEC Warns on Foreign Business vs. Joint Venture

    2015-01-23T08:30:00Z

    Be careful what you call a “foreign business.” The Securities and Exchange Commission says it is seeing too many instances of companies trying to call their joint ventures “foreign businesses” for financial reporting purposes. Perhaps that’s because the reporting requirements might be easier to meet. See inside.

  • Article

    Frameworks and Leadership on Cyber-Risks

    2014-12-09T11:00:00Z

    As cyber-security attacks become everyday news, companies are racing to identify and mitigate their risks. Some of that is “pure” IT security; much of it is about applying a control framework smartly to new technologies—and empowering the right person to oversee these risks. “Companies ... for the most part are ...