2018 mid-year progress report
Audited information provides valuable insights to businesses, investors and the community. The Enhancing Audit Quality (EAQ) initiative, launched in 2014, supports the CPA profession’s commitment to performing high-quality audits. EAQ uses a holistic, data-driven approach to detect quality trends and develop related resources and education for auditors, auditees and other stakeholders.
Since we released the 2017 Enhancing Audit Quality Highlights and Progress report in October 2017 (see it at aicpa.org/EAQhighlights), we’ve helped the profession make further progress toward improved audit quality. Here is an update on a few of the initiatives.
The Center for Plain English Accounting helps member firms understand and implement standards by sharing technical advice and guidance in a straightforward manner. Learn more at aicpa.org/CPEA.
People visited our free Cybersecurity Resource Center — launched in August 2017 at cybersecurity — more than 13,000 times and accessed resources more than 2,500 times in 2017
What’s next for EAQ?
2018 EAQ areas of focus
Risk assessment
Peer Review
Documentation
Single audits
Benefits of specialization
Auditing in the Future
Upcoming projects
Resources and education to support compliance with the risk assessment standard while addressing common misconceptions
OnPoint PCR: An innovative technology platform for preparations, compilations and reviews launching June 2018
Governmental Audit Quality Center (GAQC) driving better understanding around tests of controls over compliance
Additional audit documentation resources supporting both efficiency and quality
enhancementStrategic efforts to strengthen the population of professionals and specialists serving as peer reviewers
Exploration of changes to the auditor’s reporting model and audit evidence standard
Certified in the Valuation of Financial Instruments (CVFI™) credential launching late summer for CPAs and professionals who specialize in the valuation of complex financial instruments