In March, the AICPA announced the formation of an Audit Quality Center for CPA firms that audit employee benefit plans. The Employee Benefits Plan Audit Quality Center, which began to take applications for membership on March 10, is the second of three AICPA Audit Quality Centers to be launched in recent months.
|
AICPA Chair Scott Voynich opened the AICPA’s annual Employee Benefits Conference on May 4 by stating his belief that the CPA profession needs to underscore, promote and reinforce its commitment to the core values of integrity, competence and objectivity. Voynich pointed to the new Employee Benefits Plan Audit Quality Center as the focal point of the profession’s efforts to improve the quality of employee benefit plan audits and as a demonstration of the commitment of its members to audit quality in this specialized practice area. |
Following approval by the Governing Council of the AICPA at its Fall 2003 meeting, the Institute has moved ahead with creating three new audit quality centers focusing on areas of critical importance to the public interest: public companies, employee benefit plans and governmental entities.
As part of this mandate, the AICPA established the Center for Public Company Audit Firms in January 2004, offering enhanced resources to firms that audit publicly traded companies.
In November of 2003, the Institute began the process of defining aspects of the new Employee Benefit Plan Audit Quality Center by forming an executive committee appointed by Chairman S. Scott Voynich. Center membership requirements were established by the committee and the Board of Directors in February 2004.
According to Voynich, “The launch of the Employee Benefit Plan Audit Quality Center is intended to provide a forum that spurs CPA firms performing audits to make immediate quality improvements to employee benefit plan audits under Employee Retirement Income Security Act (ERISA), including pension, health and welfare, and 401(k) plans.
“In addition to gaining access to best practices, guidelines and tools focused around quality improvement, members of the Center will be subject to membership requirements that demonstrate the firm’s commitment to audit quality in this area,” continued Voynich.
To meet its overall objectives, the Center will:
- create a community of firms that demonstrate a commitment to employee benefit plan audit quality,
- serve as a comprehensive resource provider for member firms,
- provide information about the Center’s activities to other employee benefit plan stakeholders,
- raise awareness about the importance of employee benefit plan audits, and
- provide Center members with an online forum tool for sharing best practices as well as discussions on audit, accounting, and regulatory issues.
“These Centers are intended to make a direct statement to members of our profession about the importance of their audit performance,” said Susan Coffey, vice president, Audit Quality and Professional Ethics. “The Center will give members the tools they need to adhere to a high standard of quality. It will be a place where firms dedicated to quality auditing of benefit plans will share best practices, learn about emerging issues, and take steps to enhance quality in their practices.”
A dedicated Center web site with a single access point to the latest developments in employee benefit plan audits, is now available to those wishing to learn more about the Center and its features.
Association Brief articles brought to you by MACPA Corporate Sponsor, MSW Group PLC.