Washington DC, June 17, 2024 – The CAQ Governing Board elected Brian Becker, Managing Partner and CEO, RSM US LLP (RSM), as the new Vice Chairman of the Governing Board, effective June 14, 2024. Becker oversees the firm’s strategy and operations across four countries—the United States, Canada, El Salvador and India....

Since the public release of various cutting-edge generative artificial intelligence (genAI)-powered chatbots in November 2022, curiosity and engagement with advanced genAI technologies has surged exponentially. While AI and machine learning have long been established, the accessibility and ease of use of genAI chatbots has ignited widespread interest among individuals and...

Many audit firms voluntarily report firm-level metrics publicly through their audit quality and transparency reports. These include many different metrics, such as learning and development offered to auditors, technology used by audit teams, and audit hours provided by specialists, to name a few. One metric that audit firms regularly include in...

On September 19, 2023, the Public Company Accounting Oversight Board (PCAOB or Board) proposed to amend PCAOB Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations, the Board’s rule governing the liability of associated persons who contribute to a registered public accounting firm’s primary violation: First, the Board proposed...

In our letter we detail our views on the following: Support for an alternative approach to disclosure of certain firm-level metrics that is scalable; Support for an alternative approach that focuses on discussion related to certain engagement-level metrics with the audit committee; Overall concerns related to the PCAOB’s Proposal, including: Certain of the proposed...

In this comment letter, the CAQ responds to the PCAOB’s Firm Reporting Proposal. Our letter expresses a number of comments and concerns regarding the reporting requirements included in the Proposal.  Specifically, we are concerned that this Proposal will provide limited and uncertain benefits to stakeholders while exposing registered firms to significant...

As part of the Center for Audit Quality’s (CAQ) ongoing effort to keep members and stakeholders informed on significant public policy and accounting matters, we are pleased to offer the Public Policy and Technical Alert (PPTA). Each month, the PPTA highlights and examines the regulatory, standard-setting, legislative, and broader financial...

The CAQ is pleased to share our views related to the IAASB’s Proposed International Standard on Auditing 240 (Revised): The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements. The CAQ is supportive of the IAASB’s efforts to clarify and enhance the auditor’s responsibilities relating to fraud in...