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ACCA welcomes IAASB proposals on audit quality

By Steffen Müller

The Association of Chartered Certified Accountants (ACCA) has given its approval to proposals on audit quality made by the International Auditing and Assurance Standards Board (IAASB).

In response to IAABS's consultation paper A Framework for Audit Quality, ACCA head of technical John Davies said that "the Framework gives preparers, auditors, shareholders, regulators and others a shared understanding of audit quality."

According to Davies, the framework communicates that not only the auditors, but all stakeholders of the reporting supply chain "have to pull together to maximise audit quality."

"If this message gets across, it will be of great value in improving audit quality," he stated.

ACCA suggested to IAASB that the framework should firmly adopt the shareholder perspective "in judging the importance of factors relevant to audit quality" and generally wants the framework to "make the link to a sustainable environment, economy and society."

"The success of the framework will ultimately be judged by its contribution to the continual improvement of audit quality to meet the needs of society", Davies concluded.

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