Assurance Practice Restructure
Quality Management Investments
Audit Quality Learning Journey
Audit Phasing and Project Management
Audit Methodology Enablement
Audit Quality Advisory Council
Action Effectiveness Monitoring
Technology Enabled Audits
Audit Quality Coalition
Enhanced Accountability Frameworks
Workload Assessments
Client Acceptance and Continuance
Nationalized and Centralization of Assurance & Quality Review Functions
Auditor Independence
Audit Quality = Skepticism, Expertise, Execution, Depth (SEED)
Assurance Practice Restructure
Restructured Assurance practice leadership for more effective engagement resourcing, decision-making, consistent communications, and accountability.
Integrated experienced hires, many from the PCAOB, as part of a rigorous approach to identify opportunities to improve quality across the Assurance practice.
Quality Management Investments
Deployed a reimagined, dynamic training curriculum aimed at upskilling our professionals and enabling teams to immediately apply knowledge to their audit work.
Audit Quality Learning Journey
Implemented audit phasing and project management so that the majority of audit work occurs before the client's year end, allowing teams to earlier identify risks, refine their planned approach, and engage technical resources to reduce stress on the audit process.
Audit Phasing and Project Management
Assembled a new audit methodology enablement group to improve audit process tools, templates, and related guidance to enhance our professionals' ability to comply with professional standards.
Audit Methodology Enablement
Established the AQAC, which includes two independent council members, to directly advise our CEO and Board of Directors on audit quality matters.
Audit Quality Advisory Council (AQAC)
Continuously review remedial actions and adjust them for improvement and sustainability of audit quality into the future.
Action Effectiveness Monitoring
Continued expansion of our digital audit suite under BDOADVANTAGE to provide audit insights with greater precision, effectiveness, and efficiency.
Technology Enabled Audits
Created a guiding group of Assurance directors and managers to help solidify a culture of outstanding audit quality.
Audit Quality Coalition
Implemented new performance measures focused on quality and established required mandatory audit quality goals as part of performance management and compensation decisions.
Enhanced Accountability Frameworks
Strengthened firm independence policies, monitoring, and education through new training, tools, and resources for BDO's investment tracking system; strengthened compliance sacntioning guidelines; and reinforced with leadership messaging.
Auditor Independence
Enhanced workload assessments to facilitate proper audit phasing to allow for adequate time for the most critical aspects of the audit and appropriate application of professional skepticism throughout.
Workload Assessments
Continuously analyze our client acceptance and continuance policies to enable the firm to audit companies that reflect similar values and put quality first.
Client Acceptance and Continuance
Centralized, under national leadership, various assurance practice functions - e.g., information systems assurance and engagement quality reviews.
Nationalization and Centralization of Assurance Quality Review Functions
