What is audit quality and how do you measure it?
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- Опубліковано 9 лип 2024
- How do we define audit quality? How is it measured? I have a special guest on my channel this week - a world expert - to help us understand this important term.
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Such a helpful and informative video!! Very useful!
Thanks Christian!
Thank you so much for your kind advice, Amanda...
You’re so very welcome ☺️
Hi Amanda can you please post a video on how to audit accruals?
Should practice review by professional bodies have a clear marking system in order to be fair to audit firms?
damn these videos are straight savage big ups from your boy booyakasha boom! thnx
Can you suggest a fair marking system based on ISQC & Engagement Documentation for Practice Review of SMPs by regulatory or professional bodies?
Hi MK - all bodies use some sort of checklist - but they don’t disclose it to the public 😊
Amanda, Amazing your presentation 👍
Thank you Sanjoy ☺️🙏
@@amandalovestoaudit I am
in ❤️with Audit now !
I am sure thousands of students around the globe are benefiting from your wonderful presentation !
May God Bless you 🙏🏼🙏🏼🙏🏼
What do you think about measuring audit quality using discretionary accruals?
Oooh - I think it’s a reasonable measure - but very noisy.
How do you set KPI measurement to achieve audit quality?
Hi Abdur - all of the government oversight agencies have undisclosed measures when they inspect the audit files as part of their international obligations - however there is no public disclosure of how they determine audit quality.
Audits that fail to detect a misstatement do not meet the quality requirements - but we only uncover *some* of these when companies fail (eg Wirecard) - however, there are likely many companies still oeprating where the auditor did not detect a misstatement but it is impossible to identify these firms unless they publicly retract and re-state their financial statements :)
Great.
Thank you 🙏🙏🙏
Hi, Amanda how to become a perfect auditor either internal/external?
There is no such thing as perfection! It is all about continually learning and building experience. Audit is built on auditor judgements.
Many thanks Amanda
Audit quality also deals with inspection of the audit / quality inspection meaning there is always someone above you reviewing the quality of the audit???
Yes - there should be always some level of review. The big question though is who reviews the work of the regulators? (who review the audits performed by firms)
what is the difference between Audit quality and Quality audit
It depends on the perspective you are taking - user, researcher, regulator - they all have different perceptions :)
Why not ask the auditee/customer?
It's a good point - the customer often feels like it is a regulatory imposition that they can't escape - this hasn't been something that has received a lot of research attention.
Hi Amanda, I got this about Audit Quality........."This is about delivering appropriate professional opinion supported by necessary evidence and judgments"
i dont feel like you know what reality is
then u do a video
😂 thanks Tony 😊