Markets need strong audit support: CAQ

The Center for Audit Quality (CAQ) has released its 2012 Year in Review report.

This report summarizes the past year’s key activities and accomplishments that support public company audit quality.

“The CAQ and our member firms [have the same goal] as regulators, investors, preparers and audit committees” says CAQ executive director Cindy Fornelli. She writes that they all want “robust capital markets [that are] supported by audited financial reports [to] inspire investor confidence.”

Read: Investors wary of internal audits: PwC

To that end, the 2012 review highlights efforts to advance policy discussions that are critical to investors, public company auditors and the capital markets. Chief among these projects are resources developed to enhance the quality of auditor-audit committee communications.

The group also advocates for ongoing collaboration with corporate governance groups to develop tools and educational resources that will assist audit committees in meeting their obligations to external auditors and the financial reporting process.

Read: OFSI revises corporate governance rules

It also strives for enhanced auditor independence, objectivity and professional skepticism.

The review documents developments of the CAQ’s collaboration with Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors.

Read the full 2012 review.

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