Focus on Audit Quality

Auditors play a key role in contributing to the credibility of the financial statements on which they are reporting. High-quality audits support financial stability. As the global auditing standard-setter, the IAASB has a public interest responsibility to develop standards and guidance for auditors to facilitate high-quality audits being achieved – which in turn builds public trust and confidence in financial statements and financial reporting more broadly.

Framework for Audit Quality

Global financial stability is supported through high-quality reporting. Audits can help foster trust in the quality of reporting. This highlights the importance of audit quality—a topic of relevance to all stakeholders in the financial reporting supply chain.

With this in mind, the IAASB developed its publication, A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality, which describes in a holistic manner the different elements that create the environment for audit quality at the engagement, firm, and national levels, as well as relevant interactions and contextual factors.

The objectives of the Framework for Audit Quality include: 

  • Raising awareness of the key elements of audit quality;
  • Encouraging key stakeholders to explore ways to improve audit quality; and 
  • Facilitating greater dialogue between key stakeholders on the topic

Audit Quality Resources

A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality

The Framework for Audit Quality describes the input, process and output factors that contribute to audit quality at the engagement, audit firm and national levels, for financial statement audits. The Framework also demonstrates the importance of appropriate interactions among stakeholders and the importance of various contextual factors.

At a Glance

This document provides a quick overview of the key features of the Framework for Audit Quality and demonstrates how it can be used by different stakeholders.

Feedback Statement

The feedback statement provides an overview of key issues that have been raised during the IAASB consultation process and how the IAASB has responded.

Framework for Audit Quality Presentations

These presentations assist in promotion and discussion of A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. The overview discusses the Framework for Audit Quality, background, scope, objectives and key features.

The full version provides further details on inputs and processes.

Enhancing Audit Quality in the Public Interest

Invitation to Comment and Overview

The IAASB has released its Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits (the ITC), which highlights the board’s discussions on the topics of professional skepticism, quality control and group audits – and flags potential standard-setting activities the IAASB may undertake to enhance audit quality.

It also has released a companion document, an Overview of the ITC, designed at soliciting feedback from investors, audit committees, and preparers. The Overview summarizes the key areas the IAASB is exploring and the direction it may take and may be useful in facilitating outreach by stakeholders to develop their responses.

Tools for the ITC and Overview

The tools below are intended to assist those wanting to respond to the IAASB’s Invitation to Comment or Overview. The purpose of each is set out within the document. The video reviews the key elements of the ITC and ITC Overview.


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