Enhancing Audit Quality
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.
Enhancing Audit Quality: 2018 Mid-Year Progress Report
Since we released the 2017 Enhancing Audit Quality Highlights and Progress report in October 2017, the AICPA has helped the profession make further progress toward improved audit quality. View the “Enhancing Audit Quality: 2018 Mid-Year Progress Report” for more information on:
- Peer Review
- Audit documentation
- Single audits
- Employee benefit plan audits
- Quality control
- Auditing in the Future
- What’s next for EAQ
Risk Assessment Resources
Identifying, assessing and responding to risks of material misstatement are at the core of every audit. However, more than 1 in 10 firms aren’t properly assessing risk or linking their assessment to their audit procedures. This free risk assessment toolkit has resources to help, such as a risk assessment template, an internal inspection aid and a staff training workshop
Factors Driving Single Audit Quality
An AICPA Peer Review Program study of potential quality factors found a correlation between three factors and conformity to professional standards in the sample of single audits studied. View this infographic to learn more about the factors driving quality in single audits.
Governmental Audit Quality Resources
Performing single audits requires expertise and a deep knowledge of uniform guidance. The AICPA and the profession have a long history of commitment to quality, continuous improvement and taking action to raise the bar on our performance.
The AICPA has developed numerous resources to assist you with performing governmental audits.
Governmental Auditing Competency Framework
Governmental Audit Quality Center
Governmental Auditing Standards and Single Audits - Audit Guide
Single Audit Certificate
State and Local Governments - Accounting and Auditing Guide
Uniform Guidance Resources
Employee Benefit Plan Quality 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, including the
EBP Audit Certificate
EBP Audit Competency Framework and
EBP Audit Quality Center.
AICPA TV
A Data-Driven Approach to Enhancing Audit Quality
The AICPA’s Enhancing Audit Quality initiative (EAQ) aims to drive high-quality audit performance in an evolving business environment. How? By transforming audit data into valuable insights and tools to support auditors, auditees and other stakeholders.
More on AICPA TVInfographic: The four most common risk assessment violations
Proper risk assessment is crucial to a quality audit, but some firms are struggling with the related standards. The AICPA Peer Review Program identified a few common areas of non-compliance with the standards that firms should look out for.
Audit Documentation Resources
The most common audit quality issue 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.
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.