Audit Quality
Discover ways to maintain high standards of audit quality to enhance your firm's credibility and reputation
Why Audit Quality Matters
Discover how Mercia can help auditors with industry insight, training, compliance manuals and more.
High-profile audit failings, such as those surrounding Carillion, Patisserie Valerie and BHS, served to shine a spotlight on audit quality and have led to calls for significant reform of the audit industry.
With potential financial and reputational penalties being so high and with so many developments to keep up-to-date with, audit quality needs to be considered by all auditors, regardless of the size of the firm or its clients.
The introduction of quality management standards and the issuing of revised ISAs such as ISA 240, 315 and 600 all have audit quality in mind. Improving audit quality is at forefront of the profession, a key focus for monitoring bodies and therefore needs to be taken seriously by firms of all shapes and sizes.
We have seen significant moves towards the use of technology in the audit process, leading to a strong relationship between technology and audit quality, although some firms have not yet fully considered how this correlation could benefit them.
FEATURED COURSE
Practical Aspects of Auditing Your Client’s IT Environment – ISA 315
The revised standard requires all audit teams to understanding their client’s use of IT in their system of internal control. Audit teams must also understand a client’s general IT controls (sometimes abbreviated to GITC or ITGC (IT general controls)) and evaluate these for design and implementation, as with any other relevant control.
Meet the Audit Specialists
Jenny Faulkner
Head of Audit and Accounts and Compliance
Jenny is Head of our Audit and Accounts and Compliance division and oversees our file review service, technical queries, manuals and all of our Audit and Accounts training. Jenny sits on the ICAEW ISA Panel, which closely tracks and inputs into IAASB developments and its work programme.
