Audit service quality monitoring arrangements

Annex A: Audit quality approach diagram


IAASB Audit Quality Framework PSAA audit contracts
Key attributes of quality audits Method statements

3 critical tests

  • complies with professional standards and guidance?
  • complies with contractual requirements?
  • has excellent relationship management?

Sources of evidence

  • 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
Annual summary report
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