CHICAGO--(BUSINESS WIRE)--Key Highlights:
- BDO has formed an Audit Quality Advisory Council and restructured its Assurance practice to strengthen the firm’s governance in fulfilling its public interest mandate.
- The firm has appointed former PCAOB regulator Lillian Ceynowa as Audit Quality and Quality Management Leader.
- The 2022/2021 BDO Audit Quality Report details the commitments the firm is making to achieve the highest standards in audit quality.
BDO USA, LLP, one of the nation’s leading accounting and advisory firms, today announced the implementation of multiple strategic initiatives to continue strengthening audit quality and building trust and confidence in the capital markets. These initiatives include creating the Audit Quality Advisory Council and restructuring the Assurance practice to deliver high-quality audits, as well as appointing a former PCAOB regulator as Audit Quality and Quality Management Leader.
These initiatives and more were introduced in the just-released 2022/2021 BDO Audit Quality Report, which details the commitments the firm is making to achieve the highest standards in audit quality.
“Delivering high-quality audits is fundamental to building integrity, trust and confidence in the capital markets,” said Wayne Berson, chief executive officer of BDO USA. “By strengthening our commitment to audit quality through these strategic initiatives, we seek to bring investors and other stakeholders greater confidence in the overall financial reporting ecosystem.”
Formation of the Audit Quality Advisory Council (AQAC)
The newly formed Audit Quality Advisory Council is designed to provide input regarding BDO’s system of quality management. The council includes an independent member who will provide objective input and perspectives to BDO based on his vast experience and background.
AQAC members include:
- Maria Karalis, Chair and BDO Board Member (Assurance)
- William Eisig, National Managing Partner and Practice Leader (Assurance)
- Phillip Austin, National Managing Partner – Professional Practice Leader & Audit
- Steven Shill, BDO Board Member (Assurance)
- Jim Brady, Independent Member, Vice Chairman of Advisory Services at alliantgroup and former Vice Chair at Grant Thornton LLP
“At BDO, one of our core values is to embrace change,” said William Eisig, CPA, National Managing Partner and Practice Leader, BDO Assurance. “As our firm has grown and evolved, so must our system of quality management. We are very focused on strengthening our approach to monitoring so that we can continuously enhance the quality of our audits. The initiatives we are reporting today will go a long way in reinforcing our vital role as auditors in sustaining strong capital markets.”
Appointment of former PCAOB regulator Lillian Ceynowa
Lillian Ceynowa, former PCAOB Associate Chief Auditor, joins BDO as the firm’s Audit Quality and Quality Management Leader. This role is a senior-level position intended to drive robust strategic actions to further strengthen audit quality.
Ceynowa brings more than 30 years of public company auditing experience. At the PCAOB, where she worked for over a decade, she was responsible for developing and advising on auditing and related professional practice standards, including auditor independence rules. Prior to that, she worked for the Center for Audit Quality, the AICPA and one of the largest global accounting firms.
“I’m excited to join BDO, a firm which has already impressed me with the seriousness of its commitment to audit quality,” said Ceynowa. “I took this opportunity because I believe in the important role auditors play in effectively functioning capital markets. During my time at the PCAOB, I focused on protecting investors through policy initiatives that strengthened audit quality for the profession as a whole. Now, I can directly impact audit quality on BDO’s audit engagements by identifying opportunities to strengthen their system of quality management. I am excited about the prospects that lie ahead and very much look forward to helping take the firm’s commitment to audit quality to the next level.”
Reorganization of Assurance Practice
BDO’s Assurance practice is being reorganized into two distinct functional areas and reporting structures. The first functional area consolidates the operational, professional and client services aspects of the business under one umbrella. The second functional area covers quality management, inspections and independence, and will report to Lillian Ceynowa in her capacity as Audit Quality and Quality Management Leader. The purpose of this reorganization is to implement an objective governance structure focused on delivering high quality audits in order to protect investors and other stakeholders and further the public interest.
Release of the 2022/2021 BDO Audit Quality Report
To provide further clarity of purpose and examples of audit quality in action, BDO has released its latest Audit Quality Report. The report details BDO’s commitment to achieve the highest standards of audit quality.
For the full picture of BDO’s audit quality commitment, the report is available at:
BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of skilled and committed professionals. As an independent Member Firm of BDO International Limited, BDO serves multinational clients through a global network of more than 95,000 people working out of over 1,700 offices across 164 countries.
BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information, please visit: www.bdo.com.