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:

• Auditor Expertise; and

• Independence (*)

(*) Independence refers to external auditors’ interests being independent of those of company management

Several elements determine the quality of an audit; nevertheless, the combination of these two cornerstones increases the level of trust and confidence in business financial statements and serves as the foundation for the quality of an audit.

CAQ - Value of the Audit

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About the Center for Audit Quality (CAQ) 
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