Framework of Audit Quality for Statutory Financial Audit: A Conceptual Review

Abstract

Compliance with applicable legal and regulatory requirement and issuing reports which are appropriate in circumstances is the basic prerequisite of quality audit. According to framework of audit quality proposed by International Auditing and Assurance Standards Board (IAASB) under International Federation of Accountants (IFAC), quality of audit depends upon certain underlying factors, communication among the stakeholders of financial reporting supply chain and certain contextual issues. In this current study, an attempt has been made to conceptually discuss the framework of audit quality as proposed by IAASB and draw conclusion on its applicability in ensuring quality of audit.

Keywords: Statutory Audit, Quality Control, Audit Quality.