Six possible elements of audit quality are highlighted in a report released Tuesday by the Center for Audit Quality (CAQ).
The REPORT describes elements of audit quality that audit firms could consider in refining or developing their own reporting regarding their public company audit practices. The elements are:
- Firm leadership and tone at the top of the audit firm.
- Independence, objectivity, and skepticism.
- Audit process, methodology, and performance.
- Professional development and competency.
- Monitoring.
- Firm organization and structure.
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