Our 2024 report illustrates how Crowe is organized, operated, and monitored with respect to audit quality for audit committees, boards of directors, shareholders, regulators, investors, and other capital market stakeholders.
A message to our stakeholders
At Crowe, our unwavering commitment to quality is the bedrock upon which our audit team – and, in fact, the entire audit profession – is built. We maintain that audits play a crucial role in fostering trust and confidence in the financial markets and that quality drives trust in our work.
Our people are committed to putting quality first. Crowe auditors bring ethics, integrity, and expertise essential to performing quality audits. The ongoing development of our people is supported by our strong systems.
Quality is not a destination but a continuous journey of improvement. As such, we are constantly evaluating and enhancing our processes to keep up with evolving standards, regulations, and markets. Ultimately, our focus on quality first is what centers us in the face of volatility and change.
2024 report highlights
1,471 audit professionals
34% Staff
30% Senior staff
24% Senior manager and manager
11% Partner
1% Managing director
24 years: Partners’ average years of experience*
* Includes audit, firm quality, and national office partners
Leadership sets the tone for the importance of consistently enhancing audit quality.
Average retention of audit, firm quality, and national office professionals
Recruiting, developing, and retaining professionals is essential to providing audits of consistent quality.
94% Senior manager
85% Manager
81% Senior staff and staff
Being involved in our profession supports audit quality
To continually support our audit quality and knowledge, our audit professionals are involved in a variety of standard-setting activities and professional associations. We serve on committees and task forces and consider how to best implement the measures of audit quality brought forth by these groups.
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Center for Audit Quality (CAQ): Crowe has been a member since the CAQ was created in 2007, and we support the organization’s mission to enhance investor confidence and public trust in the global capital markets. The CAQ is led by a governing board that comprises leaders from the public company auditing firms, the American Institute of Certified Public Accountants (AICPA), and the investor and issuer communities. Board members, including the Crowe CEO, are committed to the concept that a robust public company auditing profession is fundamental to the public interest and the capital markets. Our people serve on standing committees, including the CAQ Advisory Council, the Professional Practice Executive Committee, and the Securities and Exchange Commission Regulations Committee. We also serve on a variety of CAQ task forces focused on enhancing public company auditing in several areas. |
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AICPA Professional Ethics Executive Committee: The AICPA’s Professional Ethics Executive Committee (PEEC) interprets and enforces the AICPA Code of Professional Conduct and focuses on the communication, monitoring, and revision of interpretations and rulings. Crowe partners have served on the AICPA’s PEEC, and a Crowe partner has served as the chair. |
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AICPA Governmental Audit Quality Center: Crowe is a member of the AICPA’s Governmental Audit Quality Center, a voluntary membership group established to promote the quality of governmental audits. It offers support and resources for firms that perform governmental audits including single audits, audits under Government Auditing Standards, and state and local government financial statement audits. A Crowe partner serves as chair of the State and Local Government Expert Panel, and Crowe partners have served on the Governmental Audit Quality Center Executive Committee. |
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AICPA Employee Benefit Plan Audit Quality Center: Crowe is a member of the AICPA’s Employee Benefit Plan Audit Quality Center, a voluntary membership group established to promote the quality of employee benefit plan audits. It offers support and resources for firms that perform Employee Retirement Income Security Act employee benefit plan audits. A Crowe partner serves on the Employee Benefit Plan Expert Panel, and Crowe partners have served on the Employee Benefit Plan Audit Quality Center Executive Committee. |
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Portions of AICPA materials reprinted with permission. Copyright 2024 by AICPA.