REPORT ON AUDIT QUALITY
Table of Contents
The present report would attempt to analyse the aspect of audit quality and how the audit quality is duly addressed,, with the involvement of an auditing framework and their key elements the aspect of maintaining an addressing the audit quality would be addressed and discussed for a conceptual understanding of how the audit quality is maintained and how the aspect of audit quality is well taken care of, the aspect of audit quality is also maintained with the aspect of auditors’ independence and that is a something that the oftenest report would attempt to analyse and would elaborate further on (Sulaiman et al. 2018). The overall impact of the auditor’s independence is something that is extremely important and its overall influence on the audit quality is something that allow the firm to effectively design the firm’/s intelligence in terms of the generating the audit reports and how the auditing is conducted with the involvements of the auditor’s independences (Husain, 2019).
Audit quality entails the key elements that generally is able to create an environment that could possibly maximize the aspect of quality audits something that is generally performed on a daily basis. Based on the support and a consistent form of interactions amongst all the participants in the overall financial reporting supply chain, the audit quality is generally maintained. The audit quality follows a specific set of frameworks and those frameworks generally entails elements such as the exhibition of appropriate and credible values, ethical understandings and attitudes (Detzen & Gold 2021). The audit team to maintain the audit quality also requires to be sufficiently knowledge and skilled, consistently competent and had enough time and experience to perform the audit work efficiently. Conducting quality control procedures and executing rigorous audit process while making sure that all of that are efficiently comply with the audit standards, regulations and law are some of the most effective ways of how the audit quality is managed (Iryani, 2017). The aspect of providing useful and timely report generation of the audit is how the audit quality is maintained. The relevant stakeholders would also be appropriately interacted to make sure that audit quality is credibly managed. The audits are solely responsible to ensure that the audit quality is consistently managed. In terms of the audit quality, some of the most effective ways of ensuring that the audit quality is managed is also a framework and its implementation, where the key elements are inputs, process, outputs, interactions and contextual factors (Behzadian & Izadinia, 2017). The inputs entail audit engagement level, skills and experience of the auditors and ethics and values and firm culture. The process suggests the quality control procedures taken that impacts the audit and the outputs include the financial reporting practices and its improvements, the interactions entail the stakeholder’s interactions and finally the contextual factor suggests laws, regulations, governance, contextual or even environmental factors.
Effective audit quality is addressed by the means of various aspects of credible methods and relevant improvement initiatives. For instance, the aspect of conducting effective quality review of the audits would be an efficient way to commence the addressal of the audit quality thereby (Gaaya, Lakhal & Lakhal, 2017). In order to form all, the necessary opinions, the aspect of redressing all the relevant findings by obtaining the audit evidences are another important aspect of addressing the audit quality efficiently. Implementations of effective audit inspections and conducting all the quality audit reviews would also allow the auditors to identify and effectively comprehend the root causes of findings, something that results in an effective audit addressal and help take all the necessary improvements accordingly (Xiao et al. 2020). The aspect of implementing actions plan and then developing the same efficiently for those findings in the inspections of the audit reports would help address the audit quality efficiently. Revising all of the actions and all the pre-developed implementation plans would suggest that they are consistently effective and that the entire aspect of audit quality is efficiently addressed. The staff structure also could very well be reviewed and with that the aspect of how resourced they are would be revealed and that helps to undertake all the increasingly complex that the firm could possibly develop in the future and still the audit quality could be addressed effectively (Sulaiman et al. 2018). In order to maintain confidence on all the independent assurance the firm provides, the aspect of audit quality could possibly be managed and that could exponentially help to maintain all the audit quality addressal within the disciplines of the firm, something that would also potentially help generate a quality financial reports and would orchestrate confidence to the informed markets and the investors.
Although the adequality quality and the auditor’s independence work extremely inseparably, the aspect of the auditor’s independence has some of the most severe impacts on the audit quality as it is known to beget audits quality something that cannot be any different than the audit reports the firm actually produces it (Rusmin & Evans, 2017). The relationship between the audit quality and the auditor’s independence is quite a strong sense of connection and therefore reportedly it has been found that the impact of the auditor’s independence on the audit is quite consistent. The fees perceived by the auditor for all sorts of audit and even the non-audit services and as well as the length of the auditor, the auditor independence impose some sorts of threats on the overall audit report (Prasanti et al. 2019). The impaired independence of an auditor is also something that imposes a consistent inaccurate impact on the actual audit quality something that results in very poor audit quality from the firm’s end and that allows of the aspect of greater earnings management and also consistently lower earning quality (MohammadRezaei et al. 2018). Since the value of the auditing heavily depends on the public perceptions of how the independent is the auditor therefore the increasing amount of auditor’s independence also helps the audit quality o increase in equal amount something that results in the aspect of generating great quality audit, overall (Kowaleski et al. 2018). Being the fulcrum of the audit quality, the auditor’s independence is something that allowed most of the corporations to fall short in their financial reports and that the unqualified reports have resulted in immediate collapse shortly after audit process and the financial statements that it contained are found to be highly misstated.
However, with that being considered, the auditor’s independence is something that is one of the mossy exponential aspect of the quality audit, has also been found to be the reason why the corporate failures have been consistent and their financial statements have found to be failing and collapsing quite consistently (Iryani, 2017). The fallout of destroying firms have caused the aspect of global economic meltdown in the 2000s and something that had led so many auditing specialists and the experts into thinking if the impact of auditor’s independence is simply positive or not (Husain, 2019). Some of the most consistent threats that have been imposed by the auditors’ independences have found to be our auditors independence, the clients’ importance, non-audit services, auditor tenure and client’s overall affiliation credibly conducting with the CPA firms. These threats from the aspect of the auditor’s independence have revealed that the gaps between the shareholders and the management have been one of the main reasons why the financial statements by the corporations have collapsed immediately after getting published (Gaaya, Lakhal & Lakhal, 2017). The editor’s inability to exhibit efficiently their professional competence and their independences is something that has been a consistently an overall management that had let to the overall understanding of how the auditor’s independence could potentially impact the audit quality. With the aspect of the auditor’s independence, the aspect of audit report and the quality of the audit report is significantly influenced, both positively and negatively as well (Devi & Mehar, 2020).
On the audit quality and the audit profession, the aspect of audit expectation gap has. Some of the several impacts overall. This negative impact creates and degrades the auditing report in general and also allow the financial statements to get collapsed immediate after its publications (Iryani, 2017). The credibility is duly getting undermined with the aspect of the audit expectation gap ad that deteriorates the audit quality accordingly. The aspect of earning potential is something that gets severely impacted by the auditing expectation gaps, something that generates bad subtitling results and the overall reputations associated with the aspect of auditing is highly imputed by the auditing expectation gap (Detzen & Gold 2021). The gap also helps the reputation of the audit firm to get severely injured and negatively impacted and overall it degrades the aspect of audit report and creates a poor auditing statements and generally help the audit replications to degrade eventually. The erosion of confidence on the audit report could also be generated with the involvement audit expectation gap and with that the confidence in the audit report could be exponentially decreased something that could potentially help the audit to overcome the general dilemma and could contain the aspect of auditing aspect to deteriorated overall (Behzadian & Izadinia, 2017). The aspect of auditing quality would also generate b ad report quality and lead to the aspect of por audit related decisions and something that could definitely trigger unnecessary triggering litigations something that could be potentially dangerous for the reputation of the auditing report and the auditing firms. The differences between the public and the financial statements is something that could potentially generate a believe that the auditors are responsible for such expectation gap and could ruin and deteriorated the expectation gap of the auditing quality eventually (Asiriuwa et al. 2019).
The present report had found that the importance of audit quality and its effective address and how important it is for its overall relevance and on several developments in the firm’s professionally generated financial reports that have been a credible aspect of how they create and develop their audit team and compile their finical statements. The aspect of audit expectations and its spreadable impact of the expectations gap on the audit quality has been a different finding that has been generated with the rigorous study and assessment on the mentioned topic (Alzoubi, 2018). Discussion on the aspect of audit quality is also maintained with the aspect of auditors’ independence and that is a something that the oftenest report would attempt to analyse and would elaborate further on. The overall impact of the auditor’s independence is something that is extremely important and its overall influence on the audit quality is something that allow the firm to effectively design the firm’/s intelligence in terms of the generating the audit reports and how the overall aspect of firm report would be created is something that the report conducts (Akther & Xu, 2020).
Akther, T., & Xu, F. (2020). Existence of the audit expectation gap and its impact on stakeholders’ confidence: The moderating role of the Financial Reporting Council. International Journal of Financial Studies, 8(1), 4.
Alzoubi, E. S. S. (2018). Audit quality, debt financing, and earnings management: Evidence from Jordan. Journal of International Accounting, Auditing and Taxation, 30, 69-84.
Asiriuwa, O., Aronmwan, E. J., Uwuigbe, U., & Uwuigbe, O. R. (2018). Audit committee attributes and audit quality: a benchmark analysis. Business: Theory and Practice, 19, 37-48.
Behzadian, F., & Izadinia, N. (2017). Investigating the audit expectation gap between external auditors and users of auditing services. Applied Research in Financial Reporting, 6(1), 67-88.
Detzen, D., & Gold, A. (2021). The different shades of audit quality: A review of the academic literature. Maandblad Voor Accountancy en Bedrijfseconomie, 95, 5.
Devi, A., & Mehar, A. (2020). Effects of audit committee on audit expectation gap-mediating role audit quality. Journal of mechanics of continua and mathematical sciences,(6), 162-181.
Gaaya, S., Lakhal, N., & Lakhal, F. (2017). Does family ownership reduce corporate tax avoidance? The moderating effect of audit quality. Managerial Auditing Journal.
Husain, T. (2019). An Analysis of Modeling Audit Quality Measurement Based on Decision Support Systems (DSS). measurement, 275, 326.
Iryani, L. D. (2017). The Effect of Competence, Independence, and Professional Auditors to Audit Quality. JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES), 1(1), 1-4.
Kowaleski, Z. T., Mayhew, B. W., & Tegeler, A. C. (2018). The impact of consulting services on audit quality: An experimental approach. Journal of Accounting Research, 56(2), 673-711.
MohammadRezaei, F., Mohd-Saleh, N., & Ahmed, K. (2018). Audit firm ranking, audit quality and audit fees: Examining conflicting price discrimination views. The International Journal of Accounting, 53(4), 295-313.
Prasanti, D. H., Ramadhanti, W., & IR PUSPASARI, N. (2019). Effect of Independence, Work Experience and Competence on Audit Quality with Profesional Ethics as Moderating Variable. Jurnal Akuntansi Aktual, 6(1), 223-233.
Rusmin, R., & Evans, J. (2017). Audit quality and audit report lag: case of Indonesian listed companies. Asian Review of Accounting.
Sulaiman, N. A., Yasin, F. M., & Muhamad, R. (2018). Perspectives of Audit Quality: An Analysis. Asian Journal of Accounting Perspectives, 11(1), 1-27.
Xiao, T., Geng, C., & Yuan, C. (2020). How audit effort affects audit quality: An audit process and audit output perspective. China Journal of Accounting Research, 13(1), 109-127.
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