IAASB calls for audit quality comment from the public
The International audit standard setter puts new audit quality framework out for consultation
The International audit standard setter puts new audit quality framework out for consultation
THE INTERNATIONAL AUDIT STANDARD SETTER is calling for public comment on a new consultation paper to address audit quality.
The International Auditing and Assurance Standards Board (IAASB) has put its A Framework for Audit Quality out for consultation this week.
Respondents are asked to look at whether the framework is clear, comprehensive and useful. It also highlights a number of areas to develop in the financial reporting supply chain that may benefit audit quality on a global basis, which the IAASB hopes will be looked at by both auditors and stakeholders.
The consultation aims to raise awareness of the key elements of audit quality and to encourage stakeholders to look at ways to improve them and develop better dialogue with auditors.
“While the IAASB recognises that high-quality auditing standards and well-qualified, competent, sceptical auditors are essential to a quality audit, there are many factors that contribute to maximising the likelihood of quality audits being consistently performed,” said IAASB chairman professor Arnold Schilder.
“There is value in identifying and describing these factors and, thereby, encouraging audit firms and other stakeholders to challenge themselves to think about whether there is more they can do to increase audit quality in their particular environments.”
More about:
The numbers you crunch tell a story. Your expertis...
11yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe regulator says amendments need to be made to its own standards to enable auditors to operate in unison with the IESBA's Read More...
View articleAuditors must make an 'intelligent read' of the annual report in the context of signing off on financial statements, urges standard setter Read More...
View articleBob Dohrer to hold three-year term at the audit standards body Read More...
View articleReporting watchdog defends decision to make changes to the UK auditing regime ahead of recommendations being considered at a global level Read More...
View articleFRC director of audit policy joins global auditing standard setter the IAASB Read More...
View articleICAEW warns against fragmentation of global auditor reporting Read More...
View articleICAEW suggests FRC policy on auditing standards could damage its global standing Read More...
View articleFundamental changes to the auditor’s report are needed, but current proposals could highlight clashing management/auditor views Read More...
View article