PCAOB

The Center for Audit Quality (CAQ) today released the CAQ Approach to Audit Quality Indicators, which represents a two-year effort with its member firms to develop perspectives regarding which indicators may be most relevant and how and to whom they should be communicated. The paper sets forth in detail the CAQ approach to communicate a set of potential Audit Quality Indicators (AQIs), which will be pilot tested by CAQ member firms with select audit committees.

The Financial Accounting Foundation has announced that Steven E. Buller, CPA, managing director and former chief financial officer of BlackRock, Inc., has been appointed chairman of the group's Advisory Council (FASAC). His term begins on February 1, 2014, and concludes on December 31, 2015.

The Public Company Accounting Oversight Board (PCAOB) has released a report that provides information about registered audit firms' implementation and compliance with Auditing Standard No. 7, Engagement Quality Review.

PCAOB board member Lewis Ferguson gives an update on public company oversight issues.

Organization Also Proposes a New Related Auditing Standard on the Auditor’s Responsibilities for Other Information in an Annual Report

Conducting regular, systematic audits is essential for holding public companies accountable for their decisions and financial records. Monitoring, evaluating, and managing public corporations is arguably the most effective way to placate stakeholders. But who ensures that audits are always conducted properly, fairly and thoroughly? In other words, who audits the auditors?

On Monday evening, the U.S. House of Representatives passed a bipartisan bill that would ban the the potential of mandatory audit firm rotations that have been suggested by the head of the Public Company Accounting Oversight Board (PCAOB).

Sloud, Inc. has announced it has retained Silberstein, Ungar PLLC as the company's external auditor.