Enhancing Audit Quality

The Enhancing Audit Quality Highlights and Progress Reports detail how the AICPA supports the profession’s commitment to quality through EAQ. View the 2018 Progress Report and the Infographic for more information on:

• Peer Review
• Risk assessment
• Audit documentation
• Single audits
• Auditing in the Future
• What’s next for EAQ

View all annual EAQ Highlights and Progress Reports.
 

Identifying, assessing and responding to risks of material misstatement are at the core of every audit. However, a recent survey of peer reviewers found over half of 400 audits they reviewed didn't comply with the risk assessment standards.

This free risk assessment toolkit has resources to help, such as a risk assessment template, an internal inspection aid and a staff training workshop.

When auditing financial statements, it’s critical that auditors properly consider accounting estimates. Non-compliance with the standards in this area is the most common audit issue detected by practice monitoring programs worldwide.

As private companies adopt ASC 606, understanding how to audit the estimates clients make in recognizing revenue will become even more important. We’ve launched a suite of revenue recognition resources to help.

Obtaining an understanding of a client’s internal control is fundamental to any audit. However, many auditors struggle with the identifying controls, evaluating their design and implementation and testing their operating effectiveness.

This free internal control toolkit has resources to help, such as an internal control over financial reporting tool, process memo template and aid for identifying controls at smaller entities.

One of the most common audit quality issues isn’t related to a recently issued standard or a complex area of guidance—it’s a lack of adequate audit documentation.

These free audit documentation resources will help you document appropriately and comply with the standards. The toolkit includes model working papers, a tool for evaluating SOC 1 reports, a training program firms can present to their staff and more.

The SOC Suite of Services have become a profitable business line for many firms. As more CPAs begin offering these services, we are committed to helping our members understand and comply with standards unique to SOC.

With practitioner guidance, tools and other resources, we’re making sure CPAs have access to the resources they need to provide high-quality assurance services.