The suite of audit-quality management standards has an underlying theme of enhancing audit quality. Requirements cover culture, communication, monitoring and remediation, the roles of the engagement partner and engagement-quality reviewer as well as audit team members.
With the objective of enhancing the performance of auditors, regulators and accounting bodies regularly report their findings on audit quality. Auditors’ must heed the lessons by incorporating them into their quality-management processes.
This session will:
- Briefly recap the key quality-management requirements that directly affect audit quality at the engagement level
- Analyse inspection findings of regulators and accounting bodies
- Describe generic findings from audit-files inspections and engagement-quality control reviews
- Describe recent ASIC enforcement activities against auditors (including those that audit self-managed superannuation funds), and
- Explain what actions an audit practice and auditors should take in response to these findings.
