What are the Fundamental Principles of Professional Ethics?
The ethical conduct of professional accountants and auditors is controlled by a set of criteria they must conform to. Auditors have a direct responsibility to the shareholders of a reporting entity (because auditors are appointed by the shareholders, not by management), but it is generally accepted that the fundamental principles of professional ethics do not […]
Improving Audit Quality 2: What is Audit Quality?
Sadly, there is no one agreed-upon definition of what constitutes a quality audit. The Center for Audit Quality (CAQ) identifies the following as the two primary pillars around which audit quality is built: (*) Independence refers to external auditors’ interests being independent of those of company management Several elements determine the quality of an audit; […]
Improving Audit Quality 1: An Overview
Back to N Years Ago When I was younger (wow, this makes me feel so old), audit quality was not really a “thing.” I watched my superiors perform audits they believed to be sufficient, and my colleagues and I were taught to follow in their footsteps. We conducted what we believed to be good audits […]
