The IAASB has released for public comment a new Consultation Paper addressing audit quality which also aims to encourage stakeholders to explore ways to improve audit quality, and facilitate greater dialogue between key stakeholders on the topic.
A Framework for Audit Quality seeks input from stakeholders internationally who have an interest in continually enhancing audit quality, including regulators, audit committees, investors, and audit firms.
Prof. Arnold Schilder, IAASB chairman said:
“While the IAASB recognizes that high-quality auditing standards and well-qualified, competent, skeptical auditors are essential to a quality audit, 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.”
James Gunn, IAASB technical director explains:
“The proposed framework describes the input and output factors that contribute to audit quality at the engagement, audit firm, and national levels. It also demonstrates the importance of appropriate interactions among stakeholders and the relevance of various contextual factors”