Reporting on audit quality
Based on these monitoring arrangements, PSAA will report on the three tests (professional standards, contractual requirements and relationship management) and on overall audit quality to stakeholders.
PSAA will meet with firms’ contact partners to discuss audit quality. We will produce quarterly monitoring reports for discussion with each firm, together with an annual report. A summary report on the regime as a whole will also be prepared.
All reports will be published on our website. Our annual reports are provided to audit firms’ quality and assurance partners.