I previously discussed the AICPA’s new Enhancing Audit Quality initiative.
The AICPA has made available a number of documents to start the discussion of the project.
Here are the highlights:
- There is an EAQ home page, which has an easy-to-remember link of aicpa.org/auditquality
- An EAQ Discussion Paper is available. Direct link is here.
- Tools to help develop or revise quality control documents can be found here.
- Emerging Industries and Risk Areas are places with increased risk and will get special focus during peer reviews. Initially this will include independence, sufficiency of audit evidence, employee benefit plan audits, and municipalities (especially those issuing securities).
- Summary Journal of Accountancy article.