Principles of our approach
With the IAASB framework as the starting point, PSAA has worked with its Advisory Panel and other key stakeholders to develop this approach to monitoring the quality of audit services provided to opted-in bodies from 2018/19.
We intend that our approach is:
- holistic – includes a range of actions (encouraging, monitoring, reporting);
- engaged – links with all parts of the financial reporting supply chain including audit committees and regulators;
- informed – brings together intelligence from a variety of sources;
- transparent – information is shared openly where possible;
- drives continuous improvement – recognises progress will be made by small gains;
- proportionate – arrangements should not be unduly bureaucratic or place undue burdens on firms; and
- timely – encourages action to be taken when required.
These principles provide the drivers of our approach to monitoring overall audit quality.