Highlights - CAQ SEC Regulations Committee - 25 September 2012
At this meeting, the SEC staff discussed its views on, recent filing reviews on fair value disclosures and the application of ASU 2011-04, disclosure requirements under the Iran Threat Reduction and Syria Human Rights Act of 2012, the Contractual Obligations Table, the JOBS Act and the SEC staff’s Final Report on its IFRS Work Plan.

Highlights - CAQ SEC Regulations Committee - 27 June 2012
At this meeting, the SEC staff discussed its views on, among other things, non-GAAP financial measures related to pension accounting, a revised definition of “continuing impact” for pro forma income statement adjustments, clarified views on retrospectively revising historical financial statements incorporated by reference into a new or amended registration statement and provided an update on other SEC activities, including the JOBS Act and recommendations by the SEC Advisory Committee on Small and Emerging Businesses.

Highlights - CAQ SEC Regulations Committee - 27 September 2011
At this meeting, the SEC staff discussed its views on, among other things, management's responsibility for validating quotes from pricing services in determining fair value of Level 2 assets and liabilities. The SEC staff also discussed loss contingency disclosures and cautioned that it may request supplemental information about how a registrant concluded that it could not provide an estimate of loss.

Highlights - CAQ SEC Regulations Committee - 28 June 2011
A summary of the issues discussed at the 28 June 2011 joint meeting of the Center for Audit Quality SEC Regulations Committee and the SEC staff.

Highlights - CAQ SEC Regulations Committee - 29 March 2011
A summary of the issues discussed at the 29 March 2011 joint meeting of the Center for Audit Quality SEC Regulations Committee and the SEC staff.

Highlights - CAQ SEC Regulations Committee - 21 September 2010
A summary of the issues discussed at the 21 September 2010 joint meeting of the Center for Audit Quality SEC Regulations Committee and the SEC staff.

Highlights - International Practices Task Force - 20 November 2012
A summary of the issues discussed at the 20 November 2012 joint meeting of the Center for Audit Quality SEC Regulations Committee and its International Practices Task Force with the staff of the SEC to discuss emerging financial reporting issues relating to SEC rules and regulations.

Highlights - International Practices Task Force - 22 May 2012
A summary of the issues discussed at the 22 May 2012 joint meeting of the Center for Audit Quality SEC Regulations Committee and its International Practices Task Force with the staff of the SEC to discuss emerging financial reporting issues relating to SEC rules and regulations.

Highlights - International Practices Task Force - 24 May 2011
A summary of the issues discussed at the 24 May 2011 joint meeting of the Center for Audit Quality SEC Regulations Committee and its International Practices Task Force with the staff of the SEC to discuss emerging financial reporting issues relating to SEC rules and regulations.

Highlights - International Practices Task Force - 23 November 2010
A summary of the issues discussed at the 23 November 2010 joint meeting of the Center for Audit Quality SEC Regulations Committee and its International Practices Task Force with the staff of the SEC to discuss emerging financial reporting issues relating to SEC rules and regulations.

An analysis of alleged auditor deficiencies in SEC fraud investigations: 1998 - 2010
This report examines auditor involvement in fraudulent financial reporting cases cited in SEC enforcement actions issued from 1998-2010. During the 13-year period, there were 87 sanctions against external auditors in SEC fraud investigations involving publicly traded companies. It highlights insights for the audit profession related to the 87 instances of alleged auditor deficiencies involving fraudulent financial reporting.

Financial Statement Disclosure Effectiveness: Forum Observations Summary
The FASB and CAQ issued a report summarizing the observations of financial reporting stakeholders at two forums on disclosure effectiveness. The discussion focused on aspects of the FASB’s recent Invitation to Comment on a disclosure framework, as well as financial reporting issues beyond the scope of that document.

PCAOB releases Guide to PCAOB Inspections
The Center for Audit Quality (CAQ) has released the Guide to PCAOB Inspections, which provides a high-level overview of the PCAOB’s process for inspecting public company auditing firms, including the process for selecting and reviewing audits for conformance to audit standards, and the assessment of a firm’s audit quality program.

Audit committee annual evaluation of the external auditor
The National Association of Corporate Directors released this tool intended to help audit committees evaluate the quality of audit services, including the auditor's independence, objectivity and professional skepticism. The tool was developed through a collaborative effort of organizations representing both corporate board members and the audit profession.

Discussions with audit committees about inspection findings and quality control matters
The CAQ issued a practice aid intended to encourage audit firms to proactively communicate with audit committees about inspections findings and quality control improvements.

Summary of Workshop on the Evolving Role of the Auditor
The Center for Audit Quality (CAQ) recently published a report summarizing its 12 March workshop on the evolving role of the auditor. The workshop was built on a series of CAQ roundtables held with a range of stakeholders during 2011. Workshop participants explored key questions discussed at the roundtables, including the benefits of auditor involvement with financial information disclosed by management outside of the audited financial statements including Management’s Discussion and Analysis, earnings releases, and key performance indicators.

CAQ investor survey results show confidence in auditors/audit committees
CAQ recently released results of its Fifth Annual Main Street Investor Survey - findings that are positive for auditors and audit committees. The study of 1,003 investors nationwide reveals that investors have the greatest confidence in "independent auditors who audit publicly-traded companies" when it comes to trust accorded various entities charged with looking out for investors' interests. Respondents ranked independent audit committees third on their confidence scale, behind financial advisors and brokers, and well ahead of corporate management.

In-depth guide to public company auditing
This Center for Audit Quality guide is designed for investors and those interested in understanding the external audit process for public companies and role the audit plays in our capital markets

Deterring and detecting financial reporting fraud: a platform for action
This Center for Audit Quality report focuses on financial reporting fraud at publicly-traded companies.