Audit Quality Indicators Survey Report Shows Commitment to Transparency and Continuous Improvements

The 2023 Audit Quality Indicators (AQIs) Survey Report reflects on a year that has shown some progress in the auditing profession in South Africa. The report indicates that, in relation to the relevant quality indicators, firms have stayed on course in their commitment to transparency and continuous improvement.

The report presents an analysis of over a dozen AQIs, including firm tenure, the proportion of non-audit fees relative to the total audit fees and training hours. In the period under review, encouraging trends were observed in these areas, indicative of the sector’s commitment to quality and excellence. Notably, this commitment to quality has been evident through the implementation of new features in firms’ internal monitoring systems, and the recent introduction of the International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The AQI report may be downloaded from the IRBA website, available on: https://www.irba.co.za/upload/IRBA%20AQI%20Report%202023.pdf