Write a 10 page essay on Audit Quality.
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The auditors are looked upon by the readers of the financial statements to give assurance that the data presented are free from MATERIAL errors or irregularities. The readers of the financial statements need the financial statements in order to help them in their decision making.
At present, auditors are held liable for fault due to negligence or incompetence doing audit work. Also together with regulation and reputation liability acts as a discipline on audit quality in a context where shareholders and other third parties rely on financial information that is audited and paid for by the company audit( Dipiazza, 2000) client.