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Measuring and communicating audit quality: the new AQIs

The CPA journal (1975), 2014-09, Vol.84 (9), p.16

COPYRIGHT 2014 New York State Society of Certified Public Accountants ;Copyright New York State Society of Certified Public Accountants Sep 2014 ;ISSN: 0732-8435

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  • Title:
    Measuring and communicating audit quality: the new AQIs
  • Author: Dickins, Denise ; Fay, Rebecca G ; Reisch, John
  • Subjects: Accounting firms ; Audit committees ; Auditing ; Auditing standards ; Auditors ; Compensation ; Disclosure ; Earnings management ; Financial statements ; Impact analysis ; Inspection ; Quality standards
  • Is Part Of: The CPA journal (1975), 2014-09, Vol.84 (9), p.16
  • Description: Audit quality has been described as the raison d' etre of the audit profession, for if there is no public trust in the quality of the audit, it is of no value. Audit quality has historically been assessed ex post. Unfortunately, in spite of the efforts of Congress to regulate audit quality, the trends in these outcome-based measures have not been favorable. Restatements of public company financial statements have not declined, nor have reported deficiencies of inspections conducted by the PCAOB. As a result of continued deficiencies in inspection reports, the PCAOB initiated a project in 2013 to identify both ex post and ex ante indicators of audit quality. Despite many issues, the authors propose that increasing transparency by reporting a consensus list of 10 to 20 AQIs to audit committees is a reasonable way to address the stated goals of the PCAOB's AQI project. But care must be taken when compiling and interpreting AQIs.
  • Publisher: New York: New York State Society of Certified Public Accountants
  • Language: English
  • Identifier: ISSN: 0732-8435
  • Source: AUTh Library subscriptions: ProQuest Central
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