ACCA announces international investigation of audit quality

A new international investigation into the nature of professional judgements
in audit has been announced.

The study, a joint initiative of the International Auditing and Assurance
Standards Board (IAASB) and the Association of Chartered Certified Accountants
(ACCA), will look into four main areas in a number of countries including
Australia, Germany, the Netherlands, the UK and the US.

The topics include international consistency and convergence in the
application of auditing standards, the implications of eXtensible Business
Reporting Language (XBRL) on audit, the use of risk-based audit methodology by
small and medium-sized practices and the nature of professional judgement in

IAASB Chair Arnold Schilder said he expects the research to underpin future
standard-setting decisions.

“This initiative aligns with the IAASB’s ongoing agenda for innovation within
the field of auditing and assurance and our efforts to further our understanding
of international developments, including the needs of those using our

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