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Audit Quality is at the heart of the International Auditing and Assurance Standards Board (IAASB)’s work as the global auditing standard setter. Therefore, the IAASB released its Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Scepticism, Quality Control and Group Audits (the ITC). This ITC highlights the board’s discussions in these three topic areas and indicates potential standard-setting activities that could enhance audit quality.
The IAASB released a companion document, Overview of the ITC, which summarises the key areas the IAASB is exploring and the direction it may take.
The IAASB’s Framework for Audit Quality, issued in 2014, explains the important role of auditors and their firms – as well as other stakeholders – in audit quality, and the contextual factors that affect it. It is an important reference document for this consultation.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above.
The ITC on Enhancing Audit Quality is targeted at:
- Firms
- Regulators and audit oversight bodies
- National auditing standard setters
- Public sector organisations
- Professional accountancy organisations
- Others with an interest in the technical aspects of our standards
The Overview of the ITC is targeted at:
- Financial statement users
- Preparers
- Audit committees
- Organisations representing these groups
ISCA requires all comments to be submitted to technical@isca.org.sg by 29 February 2016.
Please click here for the ITC on Enhancing Audit Quality.
Please click here for the Overview of the ITC.