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 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) The Center for Au