Explain on the need for audit quality indicators

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Reference no: EM132981607

Question: On July 1, 2015, the Public Company Accounting Oversight Board issued a concept release to seek public comment on the content and possible uses of a group of potential "audit quality indicators." The indicators are a potential portfolio of quantitative measures that may provide new insights about how to evaluate the quality of audits and how high quality audits are achieved. Taken together with qualitative context, the indicators may inform discussions among those concerned with the financial reporting and auditing process, for example among audit committees and audit firms. Enhanced discussions, in turn, may strengthen audit planning, execution, and communication. The Board sought advice on these subjects through the comment process and were to convene a public roundtable about the concept release, on a date to be determined during the fourth quarter of 2015. The proposed indicators are in the exhibit below.

Required:

Explain on the need for audit quality indicators and any limitations of providing such information in the public domain.

Reference no: EM132981607

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