The Center for Audit Quality (CAQ) has released a new paper designed to help audit firms improve their own audit reports. The CAQ aims to increase public confidence in the process of auditing public companies by encouraging firms to voluntarily report on the firm’s structure, operations and internal system of quality control. Information on how the firm’s management and operations support the performance of high-quality audits can improve transparency and therefore public understanding, the CAQ believes.
This resource provides examples of possible firm-specific information that could be reported in the following six areas:
- Firm Leadership and Tone at the Top
- Independence, Objectivity and Skepticism
- Audit Process, Methodology and Performance
- Professional Development and Competency
- Firm Organization and Structure