Hadi Bozorgmanesh, director of the Enterprise Solution Center, the umbrella organization of QCIC
. "UConn has a long history of pioneering disruptive technologies.
Since its establishment in 1979, the QCIC
has conducted hundreds of investigations and has instructed many SEC Practice Section member firms to take specific measures to improve their quality control processes.
Future changes in the QCIC
process should include a more thorough longitudinal review extending beyond the focus on a given case.
If the QCIC
functioned like the National Transportation Safety Board (NTSB), Sommer said, "skilled and experienced auditors and insightful academics would examine the records of the firm to determine whether the allegations reported to the QCIC
indicate there may have been a faulty audit and, if so, what caused it, what measures should be taken by the profession to avoid a recurrence and how similar problems can be avoided."
has been in existence since 1979, and investigates the implications of an alleged audit failure of a public company client on a firm's quality control system.
: Quality Control Inquiry Committee (at least nine partners or retired partners of SECPS member firms, appointed by the executive committee to investigate audit failures to determine whether there is a need for corrective measures or changes to standards)
In an article in the July 1988,Journal, (J of A July 88, page 50), the authors identified some lessons auditors should learn from the more persistent and significant allegations against them in litigation reported to the American Institute of CPAs SEC practice section's special investigations committee, since renamed the quality control inquiry committee (QCIC
Levitt raised the issue of an alternative self-regulatory approach that would replace what he calls the alphabet soup of regulatory bodies -- the POB, ALCPA PEEC, SECPS, QCIC
, ASB, and ISB.
SECPS members must already report this information when litigation is started and there is a form of investigation by the QCIC
(quality control inquiry committee).
The ASB decided to address several issues relating to a specialist's work that had been brought to its attention by the AICPA Quality Control Inquiry Committee (QCIC