What is Audit Quality?

Accounting for the Future

Audit quality is a key issue for the interest and governance process of both auditors and companies. In today’s episode, host Anne-Marie Henson, Partner, Eastern Canada & SMB Leader at BDO, welcomes BDO’s Head of Global Audit Quality, Nazia Lakhani for a look at the importance of quality assurance, the challenging power of CSQM1, recent changes in assurance and quality standards and what the future of quality assurance holds.

What you’ll hear in this episode:

[1:05] An overview of the goals of BDO’s first Head of Global Auditing Quality.

[2:52] Insights into BDO’s decision to publicly release an annual audit quality report.

[5:52] Navigating the intersection of transparency and protection of investors and public interest.

[8:20] Report content details, including diversity and partner statistics.

[11:41] The impact of CSQM1 on firm process monitoring and commitment to improvement.

[16:14] Advice for CFOs regarding improved audit quality.

[17:35] Steps to enhance proper governance on all sides of audit quality decisions.

[20:51] A five-year look at the future of audit quality.

Mentioned:

Anne-Marie Henson

Nazia Lakhani

BDO

Audit Quality Report 2022-2023

Quotes

“Quality is such a spotlight that a role has to be created because of it.”

“Quality is a journey, and I like the use of that word because it should be interwoven in what we do on a daily basis.”

“Our role as auditors is to promote quality and elevate our role in protecting investors and the public interest.”

“CSQM1 provides a roadmap to areas that might need improvement.”

“Quality should be intertwined into what you do on a yearly basis, it’s not just a check that you do once a year.”

“Quality is continuous improvement that is always in the back of everyone’s mind.”