Audit Quality: An international Framework A framework that describes the inputs and outputs to audit quality at the engagement, audit firm and national.

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Presentation transcript:

Audit Quality: An international Framework A framework that describes the inputs and outputs to audit quality at the engagement, audit firm and national levels. The Framework also demonstrates the importance of appropriate interactions between stakeholders and the importance of various contextual factors.

High quality audit When the auditor’s opinion on the financial statements can be relied upon as it was based on sufficient appropriate audit evidenceobtained by an engagement team that: Exhibited appropriate values, ethics and attitudes; Was sufficiently knowledgeable and experienced and had sufficient time allocated to perform the audit work; Applied a rigorous audit process and quality control procedures; Provided valuable and timely reports; and Interacted appropriately with a variety of different stakeholders.

The Framework ElementsAttributes Inputs Values, Ethics, Attitudes Knowledge, Experience, Time Audit Process and Quality Control Procedures Outputs Interactions Conceptual Factors Inputs Values, Ethics, Attitudes Knowledge, Experience, Time Audit Process and Quality Control Procedures Outputs Interactions Conceptual Factors Engagement level Firm level National level Engagement level Firm level National level

7.2 Considerations Specific to Public Sector Audits Public sector equivalents to terms used, in accordance with ISSAI 40 Paragraphs

Why an AQ Framework?? Encourage audit firms and professional bodies to reflect on how to improve Raise the level of awareness and understanding Enable stakeholders to recognize those factors that may deserve priority attention to enhance audit quality Assist standard setting. Facilitate dialogue and closer working relationships between the IAASB and key stakeholders as well as amongst these key stakeholders themselves Stimulate academic research on the topic and assist students of auditing to more fully understand the fundamentals of the profession they are aspiring to join.