Audit Quality Control System Objectives

Audit Quality Control System Objectives

Audit firm establishes the audit quality control system within firm mainly for following reasons.

1.     Professional Standard Compliance

Audit is conducted in accordance with the some professional standard and guideline. Professional standards are basically internationally recognized best practices which provide basic guideline for audit. The international auditing standard is a typical example of professional standards.

2.     Regulatory Requirements Compliance

Every country has some rules and regulation for conduct of audit. These rules are specifically designed to meet the need of the respective requirement of the country. Quality control system also ensures compliance with those rules and regulations.

3.    Appropriate Opinion

Auditor provides opinion (reports) and, such reports are widely used by different user for informed decision making .Therefore it is very important that auditor must issue appropriate opinion, and audit quality control review has been introduced for assuring appropriate opinion.