The CPA profession is highly regarded for its commitment to excellence and protecting the public. In the face of increased business complexity, we must strive to continue providing quality services. As a result, the AICPA launched the Enhancing Audit Quality initiative in May 2014, followed by the 6-Point Plan to Improve Audits in May 2015. EAQ is a holistic effort to consider auditing of private entities through multiple touch points, especially where quality issues have emerged. The goal is to align the objectives of all audit-related AICPA efforts to improve audit performance.

    EAQ Resources 

    In November 2015, the Peer Review Board released an Exposure Draft with changes related to EAQ initiatives. See more EAQ resources below.

    In June 2015, the AICPA released its 6-Point Plan to Improve Audits, providing the CPA profession with a roadmap for maintaining and improving audit quality. 

    The plan was developed from staff, stakeholder and volunteer feedback received on the EAQ Discussion Paper. Review a summary of the feedback.

    To learn more about the plan, access a webinar archive from May 20, 2015.

    Peer Review Areas of Focus 

    One tool to improve the consistency of quality is an increased focus by firms and peer reviewers on new industries, industries with new or rising risks, audit areas of increased risk or areas with increased inspection matters in the past.

    The AICPA Peer Review Board (PRB) approved the below areas of focus:

    • Independence as it relates to non-attest services provided to attest clients
    • Sufficiency of audit evidence - risk assessment, internal controls, and sampling 
    • Employee benefit plans, including both ERISA and government pensions
    • Municipal security issuers
    • Single audit
    • Crowdfunding 

    Read more about the emerging industries and risk areas and find resources for each.

    To learn more about the Peer Review Focus Areas: Listen to the archived webcast: Surviving the Deep Dive - A Closer Look at the Peer Review Focus Areas.

    Employee Benefit Plan Resources 

    The Employee Benefit Plan (EBP) financial reporting process typically involves many parties, both inside and outside the sponsor organization. Plan management hires various individuals to perform recordkeeping and reporting functions.

    Further details are included in the Employee Benefit Plan Financial Statements flyer.

    Access numerous resources related to audits of Employee Benefit Plans.


    Susan S. Coffey, AICPA Senior VP - Public Practice and Global Alliances, discusses the AICPA's roadmap for enhancing audit quality.

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    Practice Monitoring of the Future 

    The AICPA launched a Concept paper on the future of practice monitoring in December 2014.

    Access more information on the thought-provoking concept here.

    Click the image below to get a close-up of how practice monitoring could look in the future.

    Action Plan Summary

    Click the image below to see the flyer detailing the AICPA's Six Point Action Plan intended to enhance audit quality.
    AICPA Enhancing Audit Quality 6-Point Action Plan (PDF 383KB)