In January 2014, RubinBrown published its first ever audit quality report. Audit quality reporting is an emerging issue in the public accounting profession. Audit quality reporting is intended to foster greater confidence in the audit process by assisting financial statement users, audit committee members and other stakeholders in understanding how an audit firm’s management and operations support the performance of high quality audits.
The Public Company Accounting Oversight Board (PCAOB), which regulates the audits of public companies, is currently developing a concept release regarding audit quality reporting and audit quality indicators. The concept release is expected to provide a definition of audit quality and include an audit quality framework. Additionally, there will be 25 to 30 potential audit quality indicators identified. Finally, there will be discussion of potential uses of the audit quality indicators.
RubinBrown will continue to monitor developments in this emerging area, and report to you any new developments. We are supportive of efforts to increase audit quality and transparency, and look forward to progress in this area.Click here for RubinBrown’s Audit Quality Report.
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