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Focus on Assurance: RubinBrown Publishes First Audit Quality Report

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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.
January 30, 2014
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.

 

Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.

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