What is audit quality and how do you measure it?

[@sarojinimumscookingsmc7093]

Thank you so much for your kind advice, Amanda...

[@amandalovestoaudit]

You’re so very welcome ☺️

[@PhysiologywithChristian]

Such a helpful and informative video!! Very useful!

[@amandalovestoaudit]

Thanks Christian!

[@betreteferi8868]

I like your AQ presentation

[@sunnysydney3490]

Amanda, Amazing your presentation 👍

[@amandalovestoaudit]

Thank you Sanjoy ☺️🙏

[@sunnysydney3490]

@@amandalovestoaudit I am in ❤️with Audit now ! I am sure thousands of students around the globe are benefiting from your wonderful presentation ! May God Bless you 🙏🏼🙏🏼🙏🏼

[@chrisbenedict3283]

Hi Amanda can you please post a video on how to audit accruals?

[@betreteferi8868]

what is the criteria for Audit Quality?

[@BigYem]

What do you think about measuring audit quality using discretionary accruals?

[@amandalovestoaudit]

Oooh - I think it’s a reasonable measure - but very noisy.

[@kataxpayerboyet2317]

Great.

[@amandalovestoaudit]

Thank you 🙏🙏🙏

[@sarojinimumscookingsmc7093]

Hi, Amanda how to become a perfect auditor either internal/external?

[@amandalovestoaudit]

There is no such thing as perfection! It is all about continually learning and building experience. Audit is built on auditor judgements.

[@sarojinimumscookingsmc7093]

Many thanks Amanda

[@abdurrazzaaq5291]

How do you set KPI measurement to achieve audit quality?

[@amandalovestoaudit]

Hi Abdur - all of the government oversight agencies have undisclosed measures when they inspect the audit files as part of their international obligations - however there is no public disclosure of how they determine audit quality. Audits that fail to detect a misstatement do not meet the quality requirements - but we only uncover *some* of these when companies fail (eg Wirecard) - however, there are likely many companies still oeprating where the auditor did not detect a misstatement but it is impossible to identify these firms unless they publicly retract and re-state their financial statements :)

[@gerryredman3308]

Audit quality also deals with inspection of the audit / quality inspection meaning there is always someone above you reviewing the quality of the audit???

[@amandalovestoaudit]

Yes - there should be always some level of review. The big question though is who reviews the work of the regulators? (who review the audits performed by firms)

[@putraheights]

Should practice review by professional bodies have a clear marking system in order to be fair to audit firms?

[@ernestziekye1294]

what is the difference between Audit quality and Quality audit

[@amandalovestoaudit]

It depends on the perspective you are taking - user, researcher, regulator - they all have different perceptions :)

[@janoycresva2018]

damn these videos are straight savage big ups from your boy booyakasha boom! thnx

[@putraheights]

Can you suggest a fair marking system based on ISQC & Engagement Documentation for Practice Review of SMPs by regulatory or professional bodies?

[@amandalovestoaudit]

Hi MK - all bodies use some sort of checklist - but they don’t disclose it to the public 😊

[@kevindenogla783]

Why not ask the auditee/customer?

[@amandalovestoaudit]

It's a good point - the customer often feels like it is a regulatory imposition that they can't escape - this hasn't been something that has received a lot of research attention.

[@tapiwasiwonde1080]

Hi Amanda, I got this about Audit Quality........."This is about delivering appropriate professional opinion supported by necessary evidence and judgments"

[@ilove26]

i dont feel like you know what reality is

[@tonycho3550]

then u do a video

[@amandalovestoaudit]

😂 thanks Tony 😊