Improving Audit Quality Annually, audit firms invest vast quantities of blood, sweat and tears in delivering quality auditing and related services to their clients. Yet, audit regulators still report many common audit quality deficiencies in their annual inspections reports, most of which are repeat findings. It is important to root out the causes to make lasting improvements to audit quality, which, in turn, will lead to efficient and profitable firms. Firm-level deficiencies – quality system Firm-wide deficiencies reported on by audit regulators mainly revolve around firm leadership, engagement performance and independence issues. While some improvements have [...]