The Center for Audit Quality marked its first anniversary with a report on its progress in improving public confidence in the audit process.

The CAQ, which is affiliated with the American Institute of CPAs, originated in January 2007. It has launched an effort to improve financial reporting. Last year, it began a Public Dialogue Tour to gather ideas from investors about how to accomplish that goal. The CAQ plans two more stops on the tour this year, in Boston and its home base of Washington, D.C.

"The CAQ has made it possible for our profession to speak with one voice on important issues and at a critical time," said CAQ executive director Cindy Fornelli (pictured) in a letter accompanying the report. "The increasing complexity of the global economy makes public company auditors more vital than ever."

This summer, the CAQ will issue another report outlining the recommendations it has received on its Public Dialogue Tour. The CAQ is also working closely with the Treasury Department's Advisory Committee on the Auditing Profession and the Securities and Exchange Commission's Advisory Committee on Improvements to Financial Reporting on ways to improve both auditing and financial reporting.

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