Why Quality Matters in Audit
Saad Maniar
With care & due diligence, helping clients succeed. Audit/Risk/Startup Mentor/Ecosystem Builder. Senior Partner, Board Member, International Liaison Partner and past Chairman of ACCA MAC
Auditing is more than just checking the numbers
As an auditor, I have seen first-hand how quality can make a difference in the credibility, reliability, and usefulness of financial statements. Quality is not only about complying with the standards and regulations, but also about upholding the trust and adding value to the clients, the stakeholders, and the profession.
Quality in audit means:
·??????? adhering to the highest ethical principles and public interest.
·??????? applying professional skepticism, judgment, and expertise to every aspect of the audit process.
·??????? understanding the business context, the risks, and the controls of the client.
·??????? communicating effectively and timely with the client and the audit committee.
·??????? using the technology and tools to enhance the efficiency and effectiveness of the audit.
·??????? documenting the evidence.
Quality in audit matters because it enhances the trust and confidence in the financial reporting system. It helps the investors, the regulators, and the end users to make informed decisions. It supports the stability and growth of the economy. And it contributes to the reputation and sustainability of the audit profession.
That is why I am proud to be an auditor and to be part of a profession that strives for quality in everything we do.
Well said
Director, Bridge Medical Consulting Pvt Ltd; Member Board,PG Studies Tezpur Univ.; Former Director,ICAI & Lecturer,SRCC,DU.
1 年Value addition is a significant service by the Auditors but back in India, the whole concept is considered boo boo and per se looked with negativity even by regulators including large numbers of professional #charteredaccountants .
I practice audit and assurance, financial reporting, and tax compliance.
1 年Quality is an essential ingredient of any audit. The more we practice the more we excel.
Empowering Global Leaders - Vision, Strategy, Wealth | Integrating Finance, Psychology & Intentional Growth | Founder – Shoonyas & Consciouss | CEC | CA | CPA
1 年Very well said ??
Chief Executive Officer at Leaf Quality Systems
1 年Very well said! Compliance is a byproduct of applying due care and knowing your client.