• Register
Return to: Home > News > Assurance and Accounting > ACCA calls for open and honest debate about quality of audit

ACCA calls for open and honest debate about quality of audit

The Association of Chartered Certified Accountants (ACCA) has published a guide, ‘Tenets of a quality audit’ highlighting the features that a quality audit should possess, recognising their interrelation and occasional tension.

Some of the key factors of a quality audit outlined in the guide were:

  • Thoroughness and timeliness
  • Independence while maintaining a relationship between auditor and client
  • Standardisation and autonomy
  • Delivering a holistic opinion
  • Responding to fraud
  • Transparency while remaining confidential

ACCA head of audit and assurance Andrew Gambier said: “Auditors are called on to simultaneously follow rules and judgement - which do not always align. Standard-setters also reflect this in the way they prioritise them when drafting new standards. Balancing the tensions requires extensive consultation with stakeholders, drawing on their viewpoint of the role of the audit, and the value of the process to company, stakeholder and society.”

The full guide is available to read on ACCA’s website.

 

By Joe Pickard

Top Content

    South Africa: sensing new opportunities

    It has been an interesting couple of years for the profession in South Africa. A number of high-profile scandals have brought the profession and the role of auditors into sharp public focus, brewing a distrust towards accountants and a large expectations gap. Joe Pickard reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.