Framework for Audit Quality
Global financial stability is supported through high-quality reporting. Audits can help foster trust in the quality of reporting. This highlights the importance of audit quality—a topic of relevance to all stakeholders in the financial reporting supply chain.
With this in mind, the IAASB developed its publication, A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality, which describes in a holistic manner the different elements that create the environment for audit quality at the engagement, firm, and national levels, as well as relevant interactions and contextual factors. The objectives of the Framework for Audit Quality include:
- Raising awareness of the key elements of audit quality
- Encouraging key stakeholders to explore ways to improve audit quality
- Facilitating greater dialogue between key stakeholders on the topic
In January 2011, the IAASB published a thought-piece titled, Audit Quality: An IAASB Perspective. The publication described perceptions on audit quality, some relevant elements to audit quality, the improvement of IAASB’s international auditing standards to contribute to audit quality, and the road ahead.
In March 2011, the IAASB commenced work in identifying the factors, including a survey, that underlie audit quality with the objectives of:
- Raising awareness of the key elements of audit quality;
- Encouraging key stakeholders to explore ways to improve audit quality; and
- Facilitating greater dialogue between key stakeholders on the topic.
Audit Quality Resources
A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality
The Framework for Audit Quality describes the input, process and output factors that contribute to audit quality at the engagement, audit firm and national levels, for financial statement audits. The Framework also demonstrates the importance of appropriate interactions among stakeholders and the importance of various contextual factors.
At a Glance
This document provides a quick overview of the key features of the Framework for Audit Quality and demonstrates how it can be used by different stakeholders.
The feedback statement provides an overview of key issues that have been raised during the IAASB consultation process and how the IAASB has responded.
Framework for Audit Quality Presentations
These presentations assist in promotion and discussion of A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. The overview discusses the Framework for Audit Quality, background, scope, objectives and key features. The full version provides further details on inputs and processes.