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Best practices for determining audit quality

Tammy Whitehouse | March 18, 2019

Audit committees increasingly are expected to take measures to assure they are getting a quality audit of financial statements, but no one has yet defined what constitutes a quality audit.

The Public Company Accounting Oversight Board took a crack at it with a research project that led to a concept release in 2015. The idea was not to produce a grade card, per se. In the absence of concrete data that can be tied to audit quality, the board was looking for a way to stimulate discussion on what kinds of data would be useful.

The board ultimately produced a set of 28 potential indicators that it considered “a potential portfolio of quantitative measures” that might provide insights into how to evaluate audit quality and how to achieve it. Some indicators...

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