Audit Quality

Quality is at the heart of every audit. Key components of audit quality includes:

• strong leadership to ensure that audit quality is championed within the audit firm, recognising that the leaders of firms should set the tone that serves the public interest;
  
• the right people combining technical competence with professionalism, judgement and knowing what is right, underpinned by the ethical framework;
  
• managing client relationships so that an efficient and effective audit is undertaken and there are clear communications with stakeholders;
  
• excellent audit team working practices to ensure that the right audit skills are brought to bear at the right time;
  
• internal and external monitoring, both formal and informal, to ensure that the firm is complying with the policies and procedures laid down to facilitate quality audits.

There are however limitations, for example in the field of identifying fraud.

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