Continuing to Build Trust Via Audit Quality

Join BDO's Center for Corporate Governance Amy Rojik as she discusses drivers of audit quality underlying high quality financial reporting that audit committees, management and users of financial statements can trust in with the leaders of BDO Assurance and Audit practices Christopher Tower and Phillip Austin.

Key Takeaways

Audit committees are encouraged to understand how their auditors define audit quality and relevant audit quality indicators across a framework that considers people, process and technology to respond in real-time and achieve desired outcomes

Audit committee engagement with auditors can be enhanced by:

• Asking for more time with auditors

• Taking advantage of educational opportunities and timely insight guidance

• Engaging in meaningful commentary on observations noted in the audit

• Having proactive discussions around areas of significant audit focus, Critical Audit Matters and risk, including potential fraud or illegal acts

• Understanding how the auditor is engaged across the profession and with regulators and standard setters

• Inquiring about the depth of support from centralized resources in the Firm

• Requesting candid observations about adequacy and quality of the accounting and finance functions within the clients’ organization

Management and the audit committee can expect the future of audit will require:

• Auditors who are focused on greatest measurement and disclosure risks to the company

• Auditors who are “current” and bring insights based on specialized expertise to bear based on your circumstances

• Predictable audit work methods that aren’t disruptive of management operations

We invite you to visit our current BDO Audit Quality Report – Continuing to Build Trust.