Annex A: Audit quality approach diagram
| IAASB Audit Quality Framework | PSAA audit contracts |
|---|---|
| Key attributes of quality audits | Method statements |
| 3 critical tests | Sources of evidence |
|---|---|
| – complies with professional standards and guidance? – complies with contractual requirements? – has excellent relationship management? | – professional regulatory reports – firms’ transparency reports – contract monitoring performance data – satisfaction surveys – quality review meetings with firms |
| Evidence-based outputs | Firm focus | System wide focus |
|---|---|---|
| Quarterly report against a scorecard of KPIs | ✓ | ✓ |
| Quarterly report and latest insights into audit quality: | ||
| – Regulatory reports | ✓ | |
| – Transparency reports | ✓ | |
| – Satisfaction surveys | ✓ | |
| Annual summary report | ✓ | ✓ |