May 16, 2016

IAASB: Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits

In this letter, the CAQ urges the IAASB to consider implementing the several measures to enhance the consistency of execution by auditors of an appropriate level of professional skepticism and application of ISQC 1. The letter expresses the view that although the CAQ believes that more clarification and interpretation through additional guidance on how auditors can appropriately apply professional skepticism under the standards is needed, it is essential that auditing standards continue to be principles-based and non-prescriptive.