The Center for Audit Quality has published a free online reference source for public company auditors with lessons on performing audits of internal control over financial reporting.
“CAQ Lessons Learned – Performing an Audit of Internal Control in an Integrated Audit” includes 21 lessons in areas including how to integrate audits, establish the right team and identify material risks.
The report offers pointers on how to take a top-down, risk-based approach to emphasize areas where material risks are most likely, and the advantages of maintaining an open line of communication between the auditor, company management and the audit committee.
“Sharing experience across the profession enables auditors to serve investors even more effectively by enhancing the quality of internal controls and audits,” said CAQ executive director Cindy Fornelli (pictured) in a statement.
The CAQ effort supports compliance with the provisions of Section 404 of the Sarbanes-Oxley Act, which requires public company management and auditors to evaluate and assess the effectiveness of the internal controls that contribute to public companies’ financial reports.
To compile the document, the CAQ assembled a task force made up of auditors who have extensive experience with performing integrated audits.
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