[aaykarbhavan] Fw: IAASB Consults on Audit Quality Framework

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From: IFAC Communications <IFACCommunications@ifac.org>
To: IFAC Communications <IFACCommunications@ifac.org>
Sent: Tuesday, 15 January 2013 3:45 PM
Subject: IAASB Consults on Audit Quality Framework

FOR IMMEDIATE RELEASE Contact: Laura Wilker Head of Communications +1-212-471-8707 laurawilker@ifac.org

IAASB CONSULTS ON AUDIT QUALITY FRAMEWORK   (New York, January 15, 2013) – The International Auditing and Assurance Standards Board (IAASB) today released for public comment a new Consultation Paper addressing audit quality. A Framework for Audit Quality seeks input from stakeholders internationally who have an interest in continually enhancing audit quality, including regulators, audit committees, investors, and audit firms.   Through the proposed framework, the IAASB aims to raise awareness of the key elements of audit quality, encourage stakeholders to explore ways to improve audit quality, and facilitate greater dialogue between key stakeholders on the topic.   "While the IAASB recognizes that high-quality auditing standards and well-qualified, competent, skeptical auditors are essential to a quality audit, there are many factors that contribute to maximizing the likelihood of quality audits being consistently performed," said Prof. Arnold Schilder, IAASB chairman. "There is value in identifying and describing these factors and, thereby, encouraging audit firms and other stakeholders to challenge themselves to think about whether there is more they can do to increase audit quality in their particular environments."   The IAASB is seeking responses to several questions listed in the Consultation Paper, in particular, whether the framework is clear, comprehensive, and useful. In developing the framework, the IAASB has also identified, with the input of stakeholders, a number of areas for consideration by both auditors and other participants in the financial reporting supply chain that may benefit audit quality on a global basis.   "The proposed framework describes the input and output factors that contribute to audit quality at the engagement, audit firm, and national levels. It also demonstrates the importance of appropriate interactions among stakeholders and the relevance of various contextual factors," explained James Gunn, IAASB technical director. "We hope that A Framework for Audit Quality will generate discussion and that its active use by various stakeholders will result in positive actions in the public interest to achieve a continual improvement to audit quality."   How to Comment The IAASB invites all stakeholders to comment on the consultation paper. To access the document or submit a comment, visit the IAASB's website at www.iaasb.org. Comments are requested by May 15, 2013.   About the IAASB The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).   About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.     # # #