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Demystifying audit quality indicators
Adding new dimensions to audit quality discussions during an audit
This document focuses on sharing our point of view, based in part on our participation in CPAB’s Audit Quality Indicators (AQIs) pilot. It explores what that means for audit committees and management today and how using AQIs can have a positive impact on audit quality.
8 lessons from the CPAB AQIs pilot
For all the talk about Audit Quality, there are few definitions of it, and companies and their audit committees struggle to properly evaluate it.
At Deloitte, we audit half of the companies that participated in CPAB’s first AQI pilot. In addition, some audit committees of other clients have been independently experimenting with AQIs.
Through these interactions, we are developing a strong perspective on spurring new conversations between auditor, management and audit committee on matters critical to measuring quality throughout the execution of the audit.
This report, by taking you through eight lessons learned from our recent experiences, will assist you in asking the right questions in preparation for trying AQIs in the audit life cycle.