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.
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
There is a very low likelihood that you won’t like the paper.
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
GET A PERFECT SCORE!!! 
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more