NCACPA Committees Discuss AICPA’s Six-Point Plan
In December, the technical committees of the North Carolina Association of Certified Public Accountants (“NCACPA”) held a joint session to review the American Institute of Certified Public Accountants’ (“AICPA”) Six-Point Plan for improving audit quality. The meeting was an opportunity for the four committees to discuss each of the plan’s six points, and establish how the NCACPA could help its members address the matter. Portions of the meeting featured presentations from several speakers, including an overview of the “Standards and Ethics Point” by Cherry Bekaert’s Melisa Galasso . A full recap of the NCACPA technical committees’ joint session , which as co-authored by Galasso, Deetra Watson and. Read More.
AICPA to Launch Enhancing Audit Quality Initiative
To improve the quality of audit reporting, the American Institute of Certified Public Accountants (“AICPA”) recently announced its Enhancing Audit Quality initiative. Discussed at the AICPA’s spring Council meeting in Scottsdale, Arizona, the efforts include monitoring the Auditing Standards Board’s execution of auditing and quality-control standards, creating new initiatives by the AICPA’s Future of Learning task force and changing the current peer review program for users. In the long run, the AICPA also hopes to develop a new monitoring program for enhancing public protection by early detecting engagement shortcomings, which will create more timely corrections. The program will also help. Read More.