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Sept. 12 — Better quality control tools, resources, training in critical thinking, and peer review programs have all contributed to improved quality of private company audits, according to the American Institute of CPA's 2016 progress report, issued Sept. 12.
Susan Coffey, the AICPA's executive vice president for public practice, said that “new industry-specific training programs focus on competency development—that is, applying knowledge and skills—and related certificate programs help highly competent auditors distinguish themselves in the marketplace.”
According to the Sept. 12 progress report, “Enhancing Audit Quality Initiative,” the AICPA has progressed in its goal of increasing audit quality by providing both new and experienced auditors with tools and training to assist them to become more knowledgeable and competent in different subject practice areas.
Highlights of the AICPA's efforts will be visible in the:
The AICPA launched its “Enhancing Audit Quality” project in May 2014 (10 APPR 752, 8/15/14) with suggested major practice reforms including sanctions and expulsion.
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The full report is on the AICPA website at AICPA Enhancing Audit Quality Initiative, Highlights and Progress 2016 report
The AICPA | CIMA Competency and Learning Website is at https://competency.aicpa.org/
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