International Federation of Accountants Audit Quality Don Thomson IESBA Board Meeting New York, USA October 17-19, 2011.

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Presentation transcript:

International Federation of Accountants Audit Quality Don Thomson IESBA Board Meeting New York, USA October 17-19, 2011

Audit Quality 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 Topics for Discussion

The Audit Quality Framework

Auditors Management Those charged with governance & financial statement users Regulators Key Interactions Influencing Audit Quality

Business practices Corporate governance requirements Audit regulation Industry & the general economic environment Educational environment Broader cultural issues Contextual Factors (pages 15-22)

Culture within an audit firm Knowledge, experience, personal attributes & values of audit partners & staff –Compliance with ethical standards, etc Effectiveness of the audit process Input Factors (pages 23-26)

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 Output Factors (pages 37-40)

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? Audit Quality Framework

Professional competence & due care –Linkage to IESs & ISAs; extent of detail Professional behaviour Cultural differences / challenges Corporate ethics; international ethics Interaction; perspectives; perceptions Other IESBA Code of Ethics