1 / 10

Audit Quality

Audit Quality. Don Thomson. IESBA Board Meeting. New York, USA. October 17-19, 2011. Audit Quality. Topics for Discussion. Draft a udit quality framework A work in progress Environments conducive to audit quality Public consultation in 2012 Ethics coverage in the framework

cardea
Download Presentation

Audit Quality

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Audit Quality Don Thomson IESBA Board Meeting New York, USA October 17-19, 2011

  2. Audit Quality Topics for Discussion • Draft audit quality framework • A work in progress • Environments conducive to audit quality • Public consultation in 2012 • Ethics coverage in the framework • Significance for the Code

  3. The Audit Quality Framework

  4. Key Interactions Influencing Audit Quality • Auditors • Management • Those charged with governance& financial statement users • Regulators

  5. Contextual Factors (pages 15-22) • Business practices • Corporate governance requirements • Audit regulation • Industry & the general economic environment • Educational environment • Broader cultural issues

  6. Input Factors (pages 23-26) • Culture within an audit firm • Knowledge, experience, personal attributes & values of audit partners & staff • Compliance with ethical standards, etc • Effectiveness of the audit process

  7. Output Factors (pages 37-40) • Reliability & usefulness of audit reporting to users of audited financial statements • Quality & usefulness of audit communications to those charged with governance • Quality & usefulness of audit communications to management • Transparency reports

  8. Audit Quality Framework • Are there any ethical issues that should be discussed further by the IAASB Task Force? • Does the IESBA have any other comments on the draft audit quality framework? • Does the draft audit quality framework highlight any matters that should be addressed more comprehensively in the Code?

  9. IESBA Code of Ethics • Professional competence & due care • Linkage to IESs & ISAs; extent of detail • Professional behaviour • Cultural differences / challenges • Corporate ethics; international ethics • Interaction; perspectives; perceptions • Other

More Related