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FAST FORWARD Building the Profession of Tomorrow

FAST FORWARD Building the Profession of Tomorrow. #6. Reinforcing the Profession’s Commitment to Quality Sue Coffey, CPA, CGMA Senior Vice President – Public Practice & Global Alliances Spring Council | May 18-20, 2014.

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FAST FORWARD Building the Profession of Tomorrow

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  1. FAST FORWARD Building the Profession of Tomorrow #6 Reinforcing the Profession’s Commitment to Quality Sue Coffey, CPA, CGMASenior Vice President – Public Practice & Global Alliances Spring Council | May 18-20, 2014

  2. Long-standing History and Commitment to Quality and Public Protection • CPA exam • Standards setting • Guidance, tools, training, development, resources • Audit Quality Centers • Quality monitoring/peer review • Ethics enforcement • Thought leadership

  3. Emerging Issues

  4. Near-Term and Long-Term Quality Enhancements under Consideration

  5. 2-Phased Approach to Enhance Quality Regulator Engagement

  6. Consideration of Professional Standards and Related Implementation Guidance • Assess/modify quality control standards/guidance • Considering greater specificity, particularly for audits of regulated industries (e.g., EBP, Gov) • Considering incorporating certain AQC membership requirements/best practices into QC standards or guidance • Monitor new clarified SASs and assess need for change • Enhance value and relevance of auditor reporting, including going concern and other information

  7. Development of New Tools, Training and Resources • Identifying trends through peer review findings • Develop timely tools and education to improve audit quality • Future of Learning • Developing additional tools, training and resources • Competency-based curricula and related assessments • Alerts and guides • Audit Quality Center activities • Center for Plain English Accounting (CPEA)

  8. Near-term Changes to Peer Review under Consideration • Enhance quality of peer reviewers • Evaluate “new” industry engagements promptly • Deepen review of high-risk industries and areas of concern • Create “SWAT” team • Make peer review results more informative

  9. Principles for Practice Monitoring of the Future Increased public protectionthrough enhanced audit effectiveness via: • Earlier detection of engagement deficiencies • Systems that capture and include all firms that should be subject to review • Systems that capture and include all engagements that should be reviewed

  10. Objectives of Practice Monitoring of the Future • More real-time and continuous process to detect issues earlier • Use of technology and people • Use of data from firms’ systems • Dashboard that is useful to firms and AICPA/external monitors • Transparency and usefulness to regulators and public • Checks and balances to include all firms and all A&A engagements

  11. Facets of the Concept

  12. Next Steps • Discussion document – summer 2014 • Profession’s plans and ideas • Soliciting input from members and other stakeholders • Practice monitoring of the future – fall 2014 • Concept paper release • Soliciting input from members and other stakeholders • Critical partnerships • State CPA societies • Regulatory community • Members

  13. Thank You

  14. 2014 AICPA Spring Council Scottsdale, Arizona May 18-20, 2014

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