The Center for Audit Quality (CAQ) in 2014 introduced an approach for developing and communicating audit quality indicators (AQIs) centered on engagement-specific information to be shared with audit committees. Pilot tests of these AQIs were undertaken by several firms during the FY 2014 audit cycle. During the summer of 2015, the CAQ convened a series of roundtables with audit committee members to explore their perspectives on how AQIs can facilitate a discussion about audit quality. This panel discussion at the 2015 AAA Annual Meeting, held in August, explored how the AQIs resonated with audit committees, including an interactive discussion focused on the findings of the AQI pilot tests and the key issues raised at the roundtable sessions. PCAOB Board Member Lewis Ferguson also shared insights about the International Forum of Independent Audit Regulators (IFIAR)’s outreach efforts with audit committees.
Moderator: Cindy Fornelli, Center for Audit Quality
Panelists: Stephen Chipman, Grant Thornton LLP; Lewis H. Ferguson, PCAOB; Leslie F. Seidman, Lubin School of Business, Pace University