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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

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Audit Quality

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  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

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