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IRBA: 5th Audit Quality Indicators Report 2023
- 13 November 2023
- Legal and Compliance
- South African Accounting Academy
The 2023 Audit Quality Indicators (AQIs) Survey Report reflects on a year that has shown some progress in the auditing profession in South Africa. The report indicates that, in relation to the relevant quality indicators, firms have stayed on course in their commitment to transparency and continuous improvement.
The AQI report is a critical tool for understanding and enhancing audit quality. It offers quantitative and qualitative measures of the factors that contribute to the quality of an audit, providing valuable insights for audit firms, those who appoint them and other stakeholders.
AQIs serve as a valuable resource for stakeholders within the financial reporting ecosystem. They offer a chance to employ tangible and measurable data for meaningful conversations on what influences audit quality.
In the report, IRBA analyzes over a dozen AQIs, including firm tenure, the proportion of non-audit fees relative to the total audit fees and training hours. In the period under review, IRBA has observed encouraging trends in these areas, indicative of the sector's commitment to quality and excellence. Notably, this commitment to quality has been evident through the implementation of new features in firms' internal monitoring systems, along with the recent introduction of the International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
Click here to download the Report:
https://www.irba.co.za/upload/IRBA%20AQI%20Report%202023.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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Audit audit firms are encouraged to enhance their monitoring resources to distinguish between good and mediocre quality management systems.
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Audit Quality Indicators (AQIs) provide insights; and because they are context-specific, the users of this report should carefully consider the context at all times.
Relevance to Your Clients:
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None