Improving audit quality
There are many ways of raising and sustaining audit quality and many ICAEW resources to help firms on their journey, including guidance on ICAEW Quality Assurance, root cause analysis, case studies, monitoring reports and training films.
Auditors are always striving to improve audit quality, and ICAEW is always striving to assist them. Lots of faculty resources aim to support auditors by offering practical and technical support across many aspects of audit that can influence quality. Some of our thought leadership initiatives contribute by informing and broadening national and global debates around audit quality and how to improve this.
For example, Audit quality: how to raise the bar, issued earlier in 2021, considers what auditors can do to improve audit quality. But it also highlights the roles and responsibilities of others in the audit quality supply chain – such as company boards, investors, audit committees and regulators – and the steps that they can take.