Microsoft Word Audit Quality-Framework Final vs 20140214
Audit Process and Quality Control Procedures – National Level
Download 1.81 Mb. View original pdf
|
- Navigate this page:
- Output Factors
| Audit Process and Quality Control Procedures – National Level (Ref.: Para. 112-119 Appendix 2) 15. National audit regulatory activities can impact the audit process. 16. ISAs are issued by the IAASB. The International Ethics Standards Board for Accountants (IESBA) sets high-quality ethics standards for professional accountants through the development of a robust, internationally appropriate Code of Ethics for Professional Accountants. The International Accounting Education Standards Board (IAESB) develops and enhances professional accountancy education—encompassing technical competence, as well as professional skills, values, ethics, and attitudes for professional accountants—through the promulgation of International Education Standards (IESs). There is widespread adoption of these standards at a national level. Key attributes are: Auditing and other standards are promulgated that make clear the underlying objectives as well as the specific requirements that apply. Bodies responsible for external audit inspections consider relevant attributes of audit quality, both within audit firms and on individual audit engagements. Effective systems exist for investigating allegations of audit failure and taking disciplinary action when appropriate. 14 3 Output Factors 17. Different stakeholders receive different outputs from an audit. These outputs are likely to be evaluated in terms of their usefulness and timeliness, and be seen as aspects of audit quality. They may also: Provide broader insights into audit quality. For example, reports from audit regulators are likely to describe weaknesses that have been identified from inspection activities; and Directly impact audit quality. For example, having a specific responsibility to report on a matter, such as the effectiveness of internal controls, may result in more robust work in that area. 18. Some stakeholders, especially management, those charged with governance and some regulators, have more direct insights into some of the inputs to audit quality and are therefore better placed to evaluate it, at least in part. Outputs from these other stakeholders, for example, information provided by audit committees, may provide useful information on audit quality to external users. 19. Relevant outputs may include: Download 1.81 Mb. Share with your friends:
|