Identify the drivers of audit quality as specified by the Financial Reporting Council's Audit Quality Framework. Please use the illustration below to help you answer the question. Exhibit 1.5Drivers of Audit QualitySkills and Qualities of the AuditAudit Firm CulturePartner and the Engagement TeamEffectiveness of the Audit ProcessReliability andUsefulness of AuditFactors Outside theReporting(including auditorAUDIT QUALITYControl of Auditorscommunicationregarding key issues)

Answered: Identify the drivers of audit quality…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Identify the drivers of audit quality as specified by the Financial Reporting Council's Audit Quality Framework. Please use the illustration below to help you answer the question.

Exhibit 1.5
Drivers of Audit Quality
Skills and Qualities of the Audit
Audit Firm Culture
Partner and the Engagement Team
Effectiveness of the Audit Process
Reliability and
Usefulness of Audit
Factors Outside the
Reporting
(including auditor
AUDIT QUALITY
Control of Auditors
communication
regarding key issues)

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Audit Quality Driver:

The Drivers of Audit Quality enable audit firms to deliver quality audits that include protection of their brand.

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