Center for Audit Quality

FERF'S 13th Annual Public Company Audit Fee Study Reveals SPAC, Acquisitions and Organizational Structure Changes Increased Audit Scope and Fees

Retrieved on: 
Monday, November 7, 2022
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MORRISTOWN, N.J., Nov. 7, 2022 /PRNewswire-PRWeb/ -- The Financial Education & Research Foundation (FERF)—the independent non-profit research affiliate of Financial Executives International (FEI)—today released the findings of its 13th Annual Public Company Audit Fee Study. The Study looks at various factors affecting financial reporting and external audits. This includes value derived from external audits; auditor insights; process efficiencies for public company preparers; and key factors driving audit fee changes.

Key Points: 
  • This includes value derived from external audits; auditor insights; process efficiencies for public company preparers; and key factors driving audit fee changes.
  • The fee, scope, and effort increases were driven by a variety of factors to include acquisitions, organizational structure changes, and ICFR changes not related to the hybrid work environment among others.
  • Forty-nine percent of public company respondents stated that the use of data analytics and emerging technologies improved the quality of their audit.
  • The FERF 2021 Public Company Audit Fee Study Report examines audit fees companies paid to external auditors for auditing and related services for the period between June 2021 and May 2022.

Grant Thornton launches qm.x ― a new cloud-enabled application for ISQM 1 compliance

Retrieved on: 
Tuesday, June 21, 2022
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Our qm.x application does this by following a simple adage: To standardize quality, make it efficient build it in.

Key Points: 
  • Our qm.x application does this by following a simple adage: To standardize quality, make it efficient build it in.
  • This new application helps them do just that: qm.x combines potent technology with Grant Thorntons focus on quality to help ensure efficient and effective compliance with ISQM 1.
  • Grant Thornton LLP (Grant Thornton) is one of Americas largest audit, tax and advisory firms and the U.S. member firm of the Grant Thornton International Ltd global network.
  • Grant Thornton refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL).

NABA, Inc. and CAQ Form Strategic Partnership to build pipeline for Historically Black Colleges and Universities (HBCUs)

Retrieved on: 
Thursday, May 5, 2022
Student, National Association of Black Accountants, Quality audit, Accounting, National Association, African Americans, CliftonLarsonAllen, Partnership, Deloitte, NABA, Black people, Public policy, Human, Center, Association, Education, Center for Audit Quality, Lifting, Historically black colleges and universities, CEO, Research, Mentorship, CAQ, Awareness, Tutoring, Management, Black, University

WASHINGTON, May 5, 2022 /PRNewswire-PRWeb/ -- Today NABA, Inc. and the Center for Audit Quality (CAQ), a nonpartisan organization serving as the voice of U.S. public company auditors, announced a new programmatic partnership centered on supporting community college students' successful transition to Historically Black Colleges and Universities (HBCUs). The work of the partnership will be managed by NABA, Inc. with a grant from the CAQ in the amount of $1 million over the course of five years. CAQ's investment will provide for holistic support, including resources to connect students with mentors and tutors bolstering students in their successful progression from two-year to four-year accounting programs.

Key Points: 
  • This partnership will support Black and African American community college students seeking to continue their education at HBCUs in the accounting and finance fields.
  • The work of the partnership will be managed by NABA, Inc. with a grant from the CAQ in the amount of $1 million over the course of five years.
  • "HBCUs make up approximately 3% of the institutions of higher education in the United States, yet they graduate nearly 20% of Black professionals.
  • We believe there is tremendous opportunity to do more to engage these students," said Julie Bell Lindsay, Chief Executive Officer, CAQ.

Audit Committees Being Challenged by Increased Complexity, 'Scope Creep,' According to New Report from Deloitte and the Center for Audit Quality (CAQ)

Retrieved on: 
Tuesday, January 25, 2022
ESG, Research, Quality audit, News, Audit, Fortune 500, Human, Ethics, Growth, Audit committee, Center, ERM, Center for Audit Quality, Public policy, Environment, Multimedia, CAQ, Communication, Mission statement, Compliance, Organization, Accounting, Deloitte

The Audit Committee Practices Report: Common Threads Across Audit Committees , a survey of 246 audit committee members of primarily large-cap, public companies in the U.S., provides an illuminating snapshot about how audit committee responsibilities are expanding.

Key Points: 
  • The Audit Committee Practices Report: Common Threads Across Audit Committees , a survey of 246 audit committee members of primarily large-cap, public companies in the U.S., provides an illuminating snapshot about how audit committee responsibilities are expanding.
  • At the end of the day, the audit committee doesn't necessarily need to oversee all new risks.
  • Indeed, additional responsibilities such as ESG (environmental, social, governance) are increasingly capturing the audit committee's attention.
  • "As the audit environment continues to evolve, we encourage audit committees to understand their role in overseeing risk areas and emerging issues."

BDO USA, LLP Announces Appointment of ESG Strategy and Services Leader and Launch of ESG Center of Excellence

Retrieved on: 
Tuesday, January 11, 2022
Other Professional Services, Human Resources, Environment, Finance, Consulting, Small Business, Accounting, Professional Services, People, Center for Audit Quality, ESG, Professional practice of behavior analysis, Partner, Knowledge, CEO, LLP, Solution, The Center, Center, BDO, Culture, Partnership, Accounting, Lithium

The launch of BDO USAs ESG Center of Excellence and the formation of an ESG leadership team brings together the firms ESG-related service offerings under one holistic umbrella.

Key Points: 
  • The launch of BDO USAs ESG Center of Excellence and the formation of an ESG leadership team brings together the firms ESG-related service offerings under one holistic umbrella.
  • The Center provides BDO clients and professionals access to ESG technical subject matter knowledge and solutions.
  • Partner Karen Baum has been named ESG solutions leader and will spearhead the firms ESG client service offerings.
  • Senior Director Cara Mooses has been named corporate ESG strategy leader and will oversee the integration of ESG into BDOs business strategy and operations.

FERF'S 12th Annual Public Company Audit Fee Study Report Reveals Acquisitions and Economic Uncertainty as Primary Contributors to Increased Audit Scope and Fees

Retrieved on: 
Tuesday, November 2, 2021
Research, Efficiency, XBRL, Ecosystem, Industry, Quality audit, Human, Machine learning, ESG, Trust, Public policy, SEC, Center for Audit Quality, Visual literacy, CECL, Communication, Center, CEO, COVID-19, CAE, Growth, Financial Executives International, FEI, Publication, CAQ, Audit, Management

The Audit Fee Study looks at various factors affecting financial reporting and the external audit.

Key Points: 
  • The Audit Fee Study looks at various factors affecting financial reporting and the external audit.
  • This includes public company preparer opportunities to reduce audit effort, COVID-19's impact, value derived from external audits, auditor insights, and issues driving audit fee changes.
  • Economic uncertainties brought about by the COVID-19 pandemic were cited as the primary driver of audit scope and effort increases.
  • The 12th Annual Public Company Audit Fee Study Report examines audit fees companies paid to external auditors for auditing and related services for the period between June 2019 and May 2020.

Verint’s September Speakers Explore How to Improve Customer Experience While Addressing Challenges of the Changing Workforce and the Engagement Capacity Gap

Retrieved on: 
Wednesday, September 1, 2021
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Speakers will address how organizations can improve customer experience by leveraging technology to adapt to todays changing workforce and close the Engagement Capacity Gap .

Key Points: 
  • Speakers will address how organizations can improve customer experience by leveraging technology to adapt to todays changing workforce and close the Engagement Capacity Gap .
  • Join Verints Dave Singer, vice president, GTM strategy, Workforce Engagement, for this on-demand session titled, How to Close the Engagement Capacity Gap by Engaging Your Workforce.
  • The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement to help customers close The Engagement Capacity Gap.
  • VERINT, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries.

Grant Thornton announces leadership transition

Retrieved on: 
Saturday, June 8, 2019
Small business, Professional services, Accounting, Consulting, Finance, Service companies, Service industries, Business, Grant Thornton, Grant Thornton International, Grant Thornton LLP, Thornton, Raymond Chabot Grant Thornton, Center for Audit Quality

Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), one of the worlds leading audit, tax and advisory firms, announced today that Chief Executive Officer Mike McGuire will assume the role of CEO emeritus, effective August 1, 2019.

Key Points: 
  • Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), one of the worlds leading audit, tax and advisory firms, announced today that Chief Executive Officer Mike McGuire will assume the role of CEO emeritus, effective August 1, 2019.
  • In addition, under McGuires leadership, Grant Thornton has invested in innovative capabilities aimed at transforming the professional services industry in the years to come.
  • Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the worlds leading organizations of independent audit, tax and advisory firms.
  • Grant Thornton refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL).