RSM Establishes Audit Quality Board to Enhance Assurance Services and Standards

RSM's New Audit Quality Board: A Step Towards Enhanced Assurance Services

RSM US LLP, a leading firm in providing assurance, tax, and consulting services targeted at middle-market companies, has taken a significant step towards bolstering the quality of its audit services. On January 21, 2025, the firm announced the establishment of an Audit Quality Board, designed to enhance the delivery of high-quality audit services across its operations. This strategic move emphasizes RSM's commitment to maintaining high standards of integrity, independence, and excellence in their audit practices.

The new Audit Quality Board consists of three independent members who bring a wealth of experience and valuable insights into the audit profession. Their primary responsibilities include assessing the effectiveness of quality control and management systems within RSM's assurance practice while also providing guidance on improving audit processes and enhancing the overall quality of services provided.

Leading this initiative is Joel Shamon, RSM's enterprise assurance leader, who underscored the fundamental importance of audit quality for maintaining public confidence in capital markets. “Audit quality is essential to ensuring confidence in the capital markets and is at the core of our role as gatekeepers for the public trust,” he stated. The expertise of the Audit Quality Board members is expected to play a crucial role in refining RSM's audit services and improving the experiences of management teams and boards relying on these critical assessments.

Key Members of the Audit Quality Board

The composition of the Audit Quality Board reflects a blend of extensive backgrounds in audit quality initiatives, leading figureheads known for their commitment to elevating industry standards:

1. Tracey Golden: With over 40 years of industry experience, Golden holds a prominent position in the audit profession. She has served as chairman of both the American Institute of CPAs (AICPA) and the Association of International Certified Professional Accountants. Additionally, she has held significant roles within a Big 4 accounting firm, including national quality assurance partner and engagement quality control reviewer.

2. Dave Sullivan: A seasoned professional with 40 years in the field, Sullivan has served as a global audit and assurance quality leader within a Big 4 firm. He is currently a member of the Public Interest Oversight Board and frequently advises CPA firms on quality matters. His vast knowledge will be integral in guiding RSM’s efforts to enhance audit quality practices.

3. Dan Sunderland: A professor of practice in the accounting group at Northeastern University, Sunderland has a robust background in audit leadership with previous roles at a Big 4 firm. He has considerable expertise on PCAOB standards and governance matters, positioning him as a vital asset to RSM's commitment to continuous improvement.

Commitment to Quality

Jamie Klenieski, RSM’s audit quality and risk management leader, articulated the board's formation as a testament to the firm's dedication to the principles of excellence and objectivity that are essential in the audit realm. “The creation of our Audit Quality Board reinforces our commitment to the principles of integrity, independence, objectivity, and excellence that are hallmarks of our profession,” she affirmed. This initiative is also seen as a proactive approach to address challenges in the audit landscape and ensure that RSM consistently delivers high-quality audits to its clients.

RSM’s decision to create this board aligns with a broader industry trend of enhancing audit quality amid increasing demands for transparency and accountability. By continuously refining their quality control systems and fostering a culture grounded in integrity, RSM aims to lead by example in developing trust within the financial community.

In conclusion, the establishment of RSM's Audit Quality Board represents a significant advancement in the firm’s assurance services. With insights from leaders in the audit profession, RSM is well-positioned to navigate the evolving challenges of the audit landscape, safeguarding the interests of its clients and reinforcing its role in the global market landscape.

For more information on RSM's initiatives and commitment to audit quality, interested readers can refer to RSM's Audit Quality Report available on their official website.