IFAC Response to Evolving the CPA Profession’s Peer Review Program for the Future

IFAC applauds the provocative, innovative approach taken in this forward-looking consultation and the AICPA’s broader, holistic efforts toward addressing audit quality. Many of the challenges auditors are facing stem from or are exacerbated by the environment of constant change, technology and related complexities so it is only fitting that the profession should adopt available technologies holistically toward the critical objective of audit quality. IFAC highlights that the challenge involved in building capacity and understanding among professionals and clients involved in the process will be as much of an imperative as the technology. IFAC also emphasizes the broad relevance and value of the AICPA’s initiative for the profession internationally.