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Raising the bar on audit quality

As we take on the challenge of rebuilding a post-pandemic economy, it is also time to consider new ways to improve audit quality. Alex Russell takes a closer look at the key messages in a new faculty publication.

Expectations of audit quality (AQ) are high. As we look to the future and the challenges of rebuilding the economy post-pandemic, the quality of audit matters more than ever.

 Reports by Sir Donald Brydon, Sir John Kingman and the Competition and Markets Authority (CMA) are all relevant to AQ, as is Sir Tony Redmond’s review into local authority financial reporting and external audit. March’s government consultation paper on changes to the corporate governance and audit system will advance debate around AQ and may provide unprecedented opportunities to build back better.Audit quality