Common audit deficiencies under the audit quality microscope

Abstract

This chapter explains the key elements that create an environment for audit quality focusing on the audit deficiencies related to the inspection reports from the world’s audit regulators. Building/enhancing trust via audit quality cannot be formulized by algorithms or particular standards or obligations. The meaning of evaluation of audit quality depends on the conditions facing the auditor. Measuring professional skepticism, due care or professional judgement are critical factors affecting audit quality. For this reason a comparison is made between Turkish Oversight Authority(KGK) and International Forum of Independent Audit Regulators (IFIAR) inspection reports.