Microsoft Word Audit Quality-Framework Final vs 20140214

Partners and staff have the necessary competences

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-Elements-that-Create-an-Environment-for-Audit-Quality-2-1

Partners and staff have the necessary competences
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Partners and staff understand the entity’s business.

Partners and staff make reasonable judgments.

The audit engagement partner is actively involved in risk assessment, planning, supervising, and reviewing the work performed.

Staff performing detailed “on-site” audit work has sufficient experience, its work is appropriately directed, supervised and reviewed, and there is a reasonable degree of staff continuity.

Partners and staff have sufficient time to undertake the audit in an effective manner.

The audit engagement partner and other experienced members of the engagement team are accessible to management and those charged with governance.
1.5. Knowledge, Skills, Experience and Time – Firm Level (Ref.: Para. 59-70 Appendix 2)
9.
The audit firm’s policies and procedures will impact the required knowledge and experience of audit engagement partners and other members of the engagement team, and the time available for them to undertake the necessary audit work. Key attributes are:

Partners and staff have sufficient time to deal with difficult issues as they arise.
 Engagement teams are properly structured.

Partners and more senior staff provide less experienced staff with timely appraisals and appropriate coaching or “on-the-job” training.

Sufficient training is given to audit partners and staff on audit, accounting and, where appropriate, specialized industry issues.

11 1.6. Knowledge, Skills, Experience and Time – National Level (Ref.: Para. 71-80 Appendix 2)
10. National activities can impact the competences of auditors. Key attributes are:

Robust arrangements exist for licensing audit firms/individual auditors.

Education requirements are clearly defined and training is adequately resourced and effective.
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Arrangements exist for updating auditors on current issues and for providing training to them in new accounting, auditing or regulatory requirements.
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The auditing profession is well-positioned to attract and retain individuals with appropriate qualities.

12 2
Process Factors
11.
Quality audits involve auditors applying a rigorous audit process and quality control procedures that comply with laws, regulations and applicable standards.
2.1

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