Audit Quality Control
Quality Control is crucial in the audit and assurance profession. High quality audit and assurance services must be provided to the public in which they can rely on and trust. Quality control ensures that this is achieved through every step and process of auditing and assurance work. Quality control establishes, communicates and maintains policies and procedures that defines audit objectives, expectations and services. Without quality control, an audit firm may not be able to achieve the goals they have set out to achieve or provide assurance to the public.
Quality Control of an audit is implemented in three key steps. Step one is understanding and implementing auditor independence. This is the basis of the quality control process. An independent audit is one in which it appears to the public that the auditors are unbiased and objective. The auditor must remain unbiased and fully identify the facts about the company being audited. Step two is understanding and implementing the auditing standard. Auditing standards provide the framework under which the auditors prepare their opinion concerning the correctness of the financial statements of the entity being audited. It is important for the auditor to ensure that their opinion remains independent and unbiased in their findings. Auditing standards are key in defining the audit quality control process. Step three is the preparation of the audit report. This includes the fully identifying the facts about the company that is being audited. The audit opinion should be properly communicated so that any issues uncovered can be properly communicated and explained to the public.
Quality control of an audit and assurance services is also implemented in the internal policies and procedures. Quality control further ensures that there is an effective system in place to monitor the progress of the audit and any findings or anomalies. This will allow the audit firm to identify any major problems and rectify them in a timely manner. This will also help to identify any potential risks or liabilities that could arise from the audit and allow the auditors to take corrective action.
Quality control is important in the audit and assurance profession. Not only does it ensure that an audit opinion is reliable and impartial, but it also ensures that high quality services are provided to the public. Quality control further ensures that the auditing process and services are in compliance with all applicable regulations, laws and standards. Quality Control also helps to ensure that the auditor is independent and impartial in the performance of their work. Quality control provides a framework for the auditor to use when performing the various steps of an audit and provides a guideline for reviewing and reporting on the results of the audit. Lastly, it ensure that the auditor provides the public with an independent opinion and report that is properly communicated and that any issues or anomalies are identified, rectified and/or identified. These are all aspects that must be taken into account when ensuring quality control.
