This report compares the perceptions of auditors, CFOs and directors on the relative importance of 10 key audit quality attributes identified by prior research. The literature review is supplemented by survey results and focus group sessions conducted with representative members of the three stakeholder groups.
ACCA and the International Governance and Performance (IGAP) Research Centre, based in Macquarie University, Sydney, compared the perceptions of audit quality from three key stakeholder groups - auditors, CFOs and non-executive directors. The resulting report draws together and compares the results of three earlier survey studies, each of which investigated the relative importance that a particular stakeholder group attaches to a range of 10 attributes commonly associated in the scholarly literature with Audit Quality (AQ). This desk research was further supplemented by fresh survey and focus group discussions.
The key findings of the report include:
The report contributes to public understanding of audit quality and should be of value to preparers, regulators, audit committee members, investors and auditors in ongoing audit debates.