Audit quality — what happens next?

Written on Aug 06, 2015

July/August 2015 CPA VoiceIn the July/August issue of CPA Voice, OSCPA’s Laura Hay, CPA, CAE, explains how financial statement audit quality is critical in allowing CPAs to uphold public trust in the profession.

More than 860 responses were received to the AICPA's EAQ discussion paper, including both formal and informal commentary from OSCPA and its leaders. Recommended actions are being forwarded to the AICPA board, committees and task forces, and the profession's response has been summarized in AICPA's new "6-Point Plan to Improve Audits."

Among those points is enforcement. OSCPA and AICPA are working with state and federal regulators to ensure effective enforcement of ethical and professional standards. When a member is found in violation of the Code of Professional Conduct, it may result in remediation or discipline. Discipline affecting membership rights is published and shared with state boards of accountancy.

"There's no such thing as a foolproof system," said James Gero, CPA, Hobe & Lucas CPAs, Inc., and also a member of the Accountancy Board of Ohio. "Any system has a way around it. Somebody needs to put their foot down and say 'This isn't right,' and CPAs are uniquely qualified to be that somebody. The goal is to achieve effective oversight without compliance overload."

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