How to Create a New Framework For Audit Quality?
In their ongoing pursuit of the greatest possible quality in their own job, many accounting services provider produce annual audit or transparency quality reports to notify the public about their own efforts.
The CAQ relates to the AICPA.
The framework builds on past work by the CAQ and many others in the profession to develop and search out audit quality indexes. A blend of these metrics or indicators, together with thorough conversation, may result in useful disclosures about the way the company monitors audit quality.
“Our framework can facilitate consistency and comparability over time as companies foster trust and transparency by informing the public in their job to keep and improve audit quality”
The framework was designed in consultation with a range of CAQ member companies. It was constructed to be voluntary, illustrative, adaptive, and targeted toward revelation in a company level, as opposed to in the participation level. The frame provides points of attention for six components of audit quality and comprises illustrations of firm-level audit quality indexes:
- Direction, civilization, and company governance.
- Ethics and freedom.
- Engagement staff administration.
- Audit participation functionality.
Get Started for more info on those efforts to increase audit quality are discovered on the CAQ site.