Auditing
Report Looks At Effects of Audit Quality on the CPA Brand
The Illinois CPA Society has published a digital feature exploring the issue of audit quality, its impact on the CPA brand and profession in both the public and private sectors, and potential solutions to this high-profile problem.
Apr. 23, 2015
The Illinois CPA Society has published a digital feature exploring the issue of audit quality, its impact on the CPA brand and profession in both the public and private sectors, and potential solutions to this high-profile problem.
The special feature includes insight from Susan S. Coffey, CPA CGMA, the AICPA’s senior vice president of Public Practice and Global Alliances, as well as Todd Shapiro, president/CEO of the Illinois CPA Society, and Paul Pierson, CPA, director, professional standards and Peer Review at the Illinois CPA Society.
Audit quality is an increasing concern for the CPA profession. As we delve into the issue we must evaluate how we monitor the profession, and what consequences are in store if we lose the public’s trust. We must consider what the future of practice monitoring is, and how much control the profession will have in monitoring itself. We also must appreciate that audit quality is an issue that impacts the entire profession, regardless of size and sector.
This Spring the U.S. Department of Labor (DOL) will release a report that includes—among other findings—information regarding Employee Benefit Plan audit quality. Based on public comments by DOL officials, we expect the deficiency rates to be similar to the DOL’s previous study in 2004 of 30%.
The full report can be viewed at http://issuu.com/lillyd/docs/2015_auditquality/1?e=1063292/12269020.