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Audit Quality. Don Thomson. IESBA Board Meeting. New York, USA. October 17-19, 2011. Audit Quality. Topics for Discussion. Draft a udit quality framework A work in progress Environments conducive to audit quality Public consultation in 2012 Ethics coverage in the framework

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Audit Quality

Don Thomson

IESBA Board Meeting

New York, USA

October 17-19, 2011


Audit quality
Audit Quality

Topics for Discussion

  • Draft audit quality framework

    • A work in progress

    • Environments conducive to audit quality

    • Public consultation in 2012

  • Ethics coverage in the framework

  • Significance for the Code



Key Interactions Influencing Audit Quality

  • Auditors

  • Management

  • Those charged with governance& financial statement users

  • Regulators


Contextual Factors (pages 15-22)

  • Business practices

  • Corporate governance requirements

  • Audit regulation

  • Industry & the general economic environment

  • Educational environment

  • Broader cultural issues


Input Factors (pages 23-26)

  • Culture within an audit firm

  • Knowledge, experience, personal attributes & values of audit partners & staff

    • Compliance with ethical standards, etc

  • Effectiveness of the audit process


Output Factors (pages 37-40)

  • Reliability & usefulness of audit reporting to users of audited financial statements

  • Quality & usefulness of audit communications to those charged with governance

  • Quality & usefulness of audit communications to management

  • Transparency reports


Audit Quality Framework

  • Are there any ethical issues that should be discussed further by the IAASB Task Force?

  • Does the IESBA have any other comments on the draft audit quality framework?

  • Does the draft audit quality framework highlight any matters that should be addressed more comprehensively in the Code?


IESBA Code of Ethics

  • Professional competence & due care

    • Linkage to IESs & ISAs; extent of detail

  • Professional behaviour

  • Cultural differences / challenges

  • Corporate ethics; international ethics

  • Interaction; perspectives; perceptions

  • Other


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