TAILIEUCHUNG - Center for Audit Quality Observations on the Evolving Role of the Auditor: A Summary of Stakeholder Discussions

The structure of the Standards is divided between Attribute and Performance Standards. Attribute Standards address the attributes of organizations and individuals performing internal auditing. The Performance Standards describe the nature of internal auditing and provide quality criteria against which the performance of these services can be measured. The Attribute and Performance Standards are also provided to apply to all internal audit services. Implementation Standards are also provided to expand upon the Attribute and Performance standards, by providing the requirements applicable to assurance (A) or consulting (C) activities. . | Center for Audit Quality Observations on the Evolving Role of the Auditor A Summary of Stakeholder Discussions CENTER FOR AUDIT QUALITY 11 Serving Investors Pubtic Company Auditors the Markets Affiliated with the American Institute of CPAs The role of the public company auditor and whether it should evolve is being examined in the United States and around the globe by regulators standard-setters and others. The issues are complex and difficult to resolve in isolation. The what whys and hows related to changing the role of the auditor has to be considered within the context of the overall financial reporting system including the important roles of the audit committee which oversees a company s financial reporting and the auditor and company management which has primary responsibility for financial reporting . Regulatory frameworks and oversight schemes for financial reporting and public company auditors are also key elements of that context. The Center for Audit Quality CAQ and the public company auditing profession support responsible changes to the auditor s reporting model and the role of the auditor. Accordingly the CAQ is facilitating robust discussion on the issue by all stakeholders including those who contribute to the financial reporting process and those who use financial reports. Between May and July 2011 the CAQ sponsored four roundtable discussions in several cities to explore how the auditor s role might change and evolve to improve financial reporting beyond the boundaries of the financial statements and internal control over financial reporting. What follows is a summary of the key observations made during candid sessions attended by investors CEOs CFOs auditors academics attorneys former regulators and other interested parties. The CAQ plans to continue this dialogue with stakeholders in order to develop actionable recommendations on changes to the role of the auditor consistent with audit quality and investor protection. Sincerely . Cindy Fornelli

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