Seeking a Path Forward on Audit Quality Indicators

Audit Committees Play a Vital Role in Ensuring Audit Quality

Susan Brooke, CPA

In recent years, interest in the notion of developing a set of standardized metrics to measure audit quality has steadily grown. In this vein, the Center for Audit Quality (CAQ) has proposed a set of potential audit quality indicators (AQI) that it believes will, collectively, provide the greatest opportunity to enhance discussions between auditors and audit committees and the most benefit to audit committees in fulfilling their responsibility for oversight. The CAQ plans to subject these potential AQIs to pilot testing and to solicit additional feedback through outreach efforts in order to assess their overall usefulness to audit committees.