Some accounting firms publish audit quality reports voluntarily to communicate with stakeholders about measures they utilize to maintain, promote, and strengthen audit quality. Enhanced disclosures about how an accounting firm monitors audit quality, including related metrics, can foster important dialogue and deepen stakeholder understanding of the investment accounting firms make in their people and other resources, processes, policies, and technology – with the ultimate goal of improving audit quality.
In the last three years, eight of the 14 annually inspected accounting firms issued audit quality reports. The nature of these reports and the information they include have evolved in line with firms’ journeys and experiences with regard to audit quality. There is no single indicator or metric to measure audit quality; thus, each accounting firm’s audit quality report is tailored to its specific facts and circumstances and may change over time.
Read the full report to discover what audit quality reports tell readers.