To identify ways audit quality can be improved in response to the latest audit inspections findings, the Australian Securities and Investments Commission (ASIC) has released information sheet INFO 222 on improving and maintaining audit quality, which focusses on actions auditors and audit firms can take, and information sheet INFO 223 on the role of others in improving audit quality.
Doug Niven from ASIC speaks to Claire Grayston from CPA Australia about how directors and audit committees, management and preparers, standard setters, regulators and accounting bodies can all impact audit quality. Doug also discusses the benefits of audit firms conducting root cause analysis and responding to the matters identified by implementing action plans.
• Host: Claire Grayston, Policy Adviser, Audit and Assurance, CPA Australia
• Guest: Doug Niven, Senior Executive leader, Financial Reporting and Audit, ASIC