Audit standard setters overseas are taking up the challenge of trying to answer the age-old question that vexes the profession: What is audit quality?
The International Auditing and Assurance Standards Board published a consultation paper for public comment hoping to renew and focus some dialogue on what actions auditors, regulators, and others can take to achieve continual improvement in audit quality. The IAASB says it wants to raise awareness of the key elements of audit quality and to encourage various stakeholders — not just auditors — to do their part to look for ways to improve audit quality.
