Audit Quality Control Review Objectives

Audit Quality Control Review Objectives

Audit quality control review is basically performed for following objectives. Audit quality control review is performed by a person have sufficient qualification and experience.

1.    Judgment Evaluation

Significant judgment of audit team is objectively evaluated by the independent reviewer to ensure that judgment is appropriate in the circumstances. Judgment provides bases for the conclusion and conclusion provides bases for audit opinion.

2.    Conclusion Evaluation

Audit reviewer also evaluates the conclusion drawn by the audit team based on the significant judgment. Reviewer ensures that conclusion drawn is appropriate in the circumstance and based on the audit evidence.

Audit Quality Control Review Timing

Audit quality control review is performed on or before the audit report, as one of the primary objectives of audit quality control review is to ensure that audit opinion expressed by the auditor is appropriate, and supported by the appropriate judgment and conclusion.

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.