On 18 February 2014, the International Auditing and Assurance Standards Board (IAASB) released its new publication, A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality (the Framework). Through the Framework, the IAASB aims to raise awareness of the key elements of audit quality, encourage key stakeholders to explore ways to improve audit quality, and facilitate greater dialogue between key stakeholders on the topic. While audit quality is typically associated with auditors, the success of it entails efforts from the various stakeholders in the financial reporting supply chain.
There are many different perspectives on what constitutes audit quality. The IAASB says that audit quality is a complex subject and there is no definition or analysis of it that has achieved universal recognition. In the following interview, management, auditors and regulators shared their views on audit quality and how they can, in their respective roles, improve the quality of audit.