Quality of Statutory Audit of Financial Statements

Paper ID: EIJTEM_2014_1_4_18-27

Author's Name: Mayank Bajpai and CMA Niraj Prasad

Volume: 1

Issue: 4

Year: 2014

Page No: 18-27

Abstract:

Quality of statutory financial audit is a precondition of publishing financial statements free from manipulations. Quality of audit is predominantly attributed to competence and independence of auditors. Ne article looks into different facets of audit quality in line with the framework proposed by International Federation of Accountants (IFAC) and their implication in Indian accounting and auditing profession. Factors brought in an audit engagement and factors with considerable influence in audit procedure are theoretically described and the reports generated out of an audit process are mentioned. Communications among different stakeholders of financial reporting supply chain during the audit process are critically reviewed. Moreover, the contextual factors of audit quality that constitute audit environment are highlighted. Legal requirements with respect to quality control of statutory audit and initiatives taken by Quality Review Board to implement quality control policies are also discussed here

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