The
The AICPA’s
“Audit quality has always been a CPA profession imperative. And as the issue has risen in importance worldwide, we recognized that a bigger, bolder step was needed to address challenges related to financial statement audit performance,” stated AICPA President and CEO
The Six-Point Plan outlines adjustments in the following areas:
1. Pre-CPA Licensure A next version of the CPA exam designed to increase assessment of higher-order skills, such as critical thinking and professional skepticism; high school Advanced Placement accounting course; changes to college-level accounting education; additional doctoral-level audit professors with practical experience.
2. Standards and Ethics Quality control standards implementation support; auditor’s report revisions; evaluation of clarified standards implementation; ethics code codification.
3. CPA Learning and Support Competency models for audit engagements, including employee benefit plan and governmental audits; competency assessment tools; targeted resources to develop competencies; certificate programs to demonstrate competence.
4. Peer Review Increased focus on greater risk industries and areas; more significant remediation; root cause analysis; termination from the peer review program after repeat quality issues.
5. Practice Monitoring of the Future Long-term initiative for near real-time, ongoing monitoring of firm quality checks using robust technological platform.
6. Ethics Enforcement and NASBA Collaboration More aggressive pursuit of reported deficiencies and stronger ties with the National Association of State Boards of Accountancy and state boards of accountancy.
“The entire profession must be committed to enhancing audit quality, just as the AICPA is committed to supporting our members with the necessary tools, training and resources,” said
For more information on the Six-Point Plan, head to the AICPA's site