The Institute of Chartered Accountants Australia (ICAA) has released a paper detailing the experiences of six audit firms undertaking enhancements to their audit quality control systems.
Sharing experiences on audit quality focuses on issues such as culture and accountability, staff experience and expertise and staff supervision and review.
ICAA Head of Audit Policy Liz Stamford FCA says the paper is designed to provide practical examples of audit quality initiatives.
“This is a useful tool to help facilitate internal discussions on an individual’s firm’s systems and processes. It covers the drivers of audit quality, including the culture of a firm and the importance of training and communications.
“A key takeout is the importance of understanding the root cause of any quality concerns before considering what may best improve an issue,” Ms Stamford said.
While the initiatives identified in the paper focus on policies and procedures in place at larger firms, the analysis is helpful for all firms to identify practical options to enhance consistent audit quality in their practice.
The paper has been produced in conjunction with the Audit Quality and Public Reputation Working Group of the Australian Auditing and Accounting Public Policy Committee.
This article was contributed by The Institute of Chartered Accountants Australia.