Why Audit Quality is Important for Auditees?

Auditees play a key role in the audit process and are an important factor in the audit quality equation. This section of the Auditee Resource Center covers why auditees should be concerned about audit quality, including the importance of having a quality audit. auditee factors affecting audit quality. and 5 steps to improve quality .

  • Fulfill your fiduciary responsibility;
  • Obtain assurance related to the financial integrity of funded programs;
  • Identify possible non-compliance and other issues early to avoid interruption of current funding;
  • Lower the risk of future non-compliance;
  • Build goodwill among taxpayers, donors and other key stakeholders; and
  • Strengthen your ability to secure additional funding in

    the future.

Auditee Factors Affecting Quality

Taking the following factors in account collectively when selecting an independent auditor will contribute to receiving a quality audit:

  • Demonstration of the audit organization’s qualifications in response to your request for proposal;
  • Experienced, qualified staff with appropriate technical abilities, particularly with Yellow Book and single audits if applicable to your audit engagement;
  • Extent of the audit organization’s practice with organizations like yours (for example, governments or not-for-profits);
  • Results of the audit organization’s external peer review; and
  • Participation by the audit organization in quality improvement programs (for example, membership in the AICPA Governmental Audit Quality Center).

Source: www.aicpa.org

Category: Bank

Similar articles: