CPA Firm Quality Assurance: Is Increased Practice Monitoring Viable?

• In Event: Reception with Effective Learning Strategies Posters Session

Abstract

CPA firms may soon be faced with a requirement to monitor themselves by means of electronic controls, and subsequently have imposed additional external monitoring, with delivery of results to a wide universe of users. Under an AICPA proposal, flags would be generated when presumably necessary auditing procedures are omitted or are not considered in accordance with generally accepted auditing standards. It is questionable whether CPA firms who are currently respectfully operating in an appropriate manner can survive the constraints imposed by an excessive practice monitoring system. The purpose of this session is to explore the major concerns and suggest areas for further research in this drive for quality assurance. These issues may have profound implications for both current practicing accountants and new graduates entering the practicing profession.

Authors

• Greg Kordecki, Clayton State University

• Maria L Bullen, San Jose State University