Audit Quality Monitoring: Relevance and
Current Trends
Vernon Soare, ICAEW Executive Director, Professional Standards
2nd ACOA Conference, May 2013
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About ICAEW
• Over 140,000 members in over
160 countries
• 20,000 students
• Office in seven key international
cities
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ICAEW
A world leader of the
accounting and finance
profession –
because of us people can
do business with
confidence
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ICAEW Quality Assurance Department (QAD)
• 3,800 firms registered for statutory
audit
• 700 audit monitoring visits in 2012
• 1,230 audits reviewed in 2012
• 30 chartered accountants employed
• Audit Registration Committee
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Standards and best practice
CPD and services to members
Strong national professional
qualifications
Public trust and investor confidence
Audit monitoring
Stronger national bodies
Low public and investor confidence
A weakened profession
Benefits from improved Audit Quality
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ICAG/ICAEW audit quality partnership
Working with ICAG
• ICAG took up ICAEW’S recommendation to establish a national
AQM team
• Team leader recruited from ‘Big Four’ firm
• Further full-time experienced reviewers recruited and trained in
Accra.
• ICAEW supported team on initial assessment visits and provided
guidance and support
Working with SMPs
• Wider capacity building project included an audit practice manual for
small and medium sized practices (SMPs) in Ghana
• ICAEW ran one-day workshops for SMPs on the audit practice
manual compliance with ISQC1
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Audit quality – common UK review findings
• Revenue testing / analytical review
• Asset valuations / impairment
• Going concern
• Documentation
• Cold file reviews
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ICAEW Audit Resources/Publications
Right first time with the Clarified ISAs –
International Edition
http://www.icaew.com/~/media/Files/Technical/Audit-andassurance/audit-and-assurancefaculty/publications/clarified-isas/right-first-time-withthe-clarified-isas-international-version.pdf
Quality control in the audit environment – a
practical guide for firms on ISQC1 –
International Edition
http://www.icaew.com/~/media/Files/Technical/Auditand-assurance/audit-and-assurancefaculty/publications/clarified-isas/quality-control-inthe-audit-environment-international.pdf
Audit monitoring 2012
http://www.icaew.com/~/media/Files/Technical/Audit-andassurance/audit/working-in-the-regulated-area-ofaudit/audit-monitoring-2012.pdf
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ICAEW Audit and Assurance Faculty
http://www.icaew.com/en/technical/audit-and-assurance/faculty
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A world leader of the
accountancy and finance profession
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