BDO USA LLP is taking steps to enhance its audits, hiring a former official from the Public Firm Accounting Oversight Board to affix its audit management crew, restructuring its assurance apply and creating an Audit High quality Advisory Council.
As a part of the restructuring, the High 10 Agency’s assurance apply is being divided into two separate useful areas and reporting constructions. The primary space consolidates the operational, skilled and consumer companies elements of the enterprise beneath one umbrella. The second useful space encompasses high quality administration, inspections and independence, and can report back to Lillian Ceynowa, a former PCAOB affiliate chief auditor, who’s becoming a member of the agency as its audit high quality and high quality administration chief.
Ceynowa has over 30 years of public firm auditing expertise. She labored on the PCAOB for greater than a decade, and was chargeable for creating and advising on auditing and associated skilled apply requirements, together with auditor independence guidelines. Previous to the PCAOB, she labored for the Middle for Audit High quality, the American Institute of CPAs and KPMG.
The brand new Audit High quality Advisory Council will give the agency enter on its high quality administration system. The council consists of an unbiased member, Jim Brady, vice chairman of advisory companies at alliantgroup and a former vice chair at Grant Thornton, to offer a extra goal perspective. Different members of the council embody BDO’s Phillip Austin, William Eisig, Maria Karalis and Steven Shill.
BDO additionally launched its newest Audit High quality Report, detailing the agency’s dedication to attaining the best requirements of audit high quality.
“Delivering high-quality audits is key to constructing integrity, belief and confidence within the capital markets,” stated BDO CEO Wayne Berson in an announcement Monday. “By strengthening our dedication to audit high quality by way of these strategic initiatives, we search to carry traders and different stakeholders larger confidence within the total monetary reporting ecosystem.”
Corporations like BDO have been taking steps to enhance audit high quality because the PCAOB steps up enforcement. In 2020, PwC shaped an Assurance High quality Advisory Committee with a number of outstanding exterior members together with former Securities and Trade Fee Commissioner Troy Paredes, former Commerce Secretary and Kellogg CEO Carlos Gutierrez, former U.S. Navy Admiral Carol Pottenger and former Monetary Accounting Requirements Board Chairman Russell Golden (see story).