To what extent is reliability the key to evaluating audit quality
To what extent is reliability the key to evaluating audit quality
To what extent is reliability the key to evaluating audit quality?
Introduction:
Definition of audit & audit quality
Body:
Faithful Representation :
(Reliability & Measurement)
according to : IASB & FASB
Concepts of reliability :
repeatability
consistency
measurement
(-) faithful representation lacks reliability
. Fit For Purpose :
(Reliability and uses of information in audited financial statements)
i.e. income/ cash flows
Stephan Penman : ”Customers service is important”
Why do managers prefer family/friends companies ?
3. Robustness :
(Software & system reliability)
(-) Hackers/ Fraud
4. Organizational Reliability:
(Halo Effect & audit)
Theory of psychologist : Edward Thorndike (1920)
reputational intermediaries ‘
difficulties are working for big brands
HROs (high reliability organizations) :
nuclear industry / medical services
5. Audit Firm Reliability:
(Realizability auditor attributes & the audit process)
Consequences of unreliable services
Beneficial outcomes of auditors
How to improve audit quality:
audit firm plans to improve quality
according to ASIC (australian securities & investments commission )
Conclusion:
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