The American Institute of CPAs’ (AICPA) Assurance Research Advisory Group (ARAG) recently announced two awards for research that addresses assurance topics of interest to the CPA profession. ARAG, a group of practitioners and academics formed in collaboration with the American Accounting Association, issued a request for proposals last July. After reviewing submissions, Associate Professor Jaime Schmidt and her research team were chosen as one of the winners of a grant to fund their current research, “Identifying Significant Components and Determining Component Materiality in Group Audits: Does a Focus on Size Miss the Mark?” Jaime’s research team consists of Ann G. Backof, Assistant Professor at the University of Virginia, Brant E. Christensen, Assistant Professor at the University of Missouri-Columbia, and Steven M. Glover, Professor and Associate Dean at Brigham Young University.
Two projects were selected by the ARAG for this honor. “The two projects that rose to the top should result in useful insights into the behaviors and factors that can influence private company auditing. We look forward to reviewing the research when completed. It is an important facet of our comprehensive commitment to enhance audit quality, “said Susan S. Coffey, CPA, CGMA, and the Association of International Certified Professional Accountants’ Executive Vice President for Public Practice.