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
