New Orleans (Oct. 21, 2003) -- The governing Council of the American Institute of CPAs is set to vote Tuesday on the establishment of two new audit quality centers in employee benefit plan audits and government audits in an effort to shore up audit quality in those areas.
The Board of Directors proposed establishing audit quality centers in those areas because they are the two largest practice areas in the audit world, said Ian MacKay, AICPA director of professional standards and services. In a presentation to Council members Monday, MacKay noted that more than 3,500 AICPA member firms perform employee benefit plan audits, and more than 7,000 member firms conduct government audits. If approved, the proposal would authorize the formation of senior executive committees to oversee the centers.
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