Call Center Auditing / Quality News 5/28/12

Expert calls for guidelines on audit quality

Chairman Audit Committee Institute (ACI), Mr. Christian Ekeigwe  has called for introduction of audit guidelines as part of measures to improve audit quality in the country.

“Regulators, particularly the Financial Reporting Council, should pay attention to audit  – quality. This should include issuing audit quality guidelines and inspection of audit quality in auditing firms and internal audit departments of companies”, he said in Lagos on Tuesday.

He spoke at  the  1st annual national conference on audit quality assurance organised by the Institute and  Center for Audit Quality.

Ekeigwe  noted that  “Failures in critical aspects of auditing have been partly blamed for the recent financial reporting scandals and corporate collapse.

“This conference will look at how to strengthen audit quality factors such as audit judgment, skill sets, audit governance and key roles of the Audit Committees and regulators in audit oversight, the impact of technology incompetence on the quality of audits, the limits of rules and incentives for impelling audit quality and, finally, give insights into nuanced economics of audit quality for a developing capital market.

“The conference will benefit all financial reporting stakeholders and people in audit management/leadership whose governance and professional choices tangentially or directly determine audit quality and ultimately the integrity of financial reporting.”

He called for improved audit quality saying that, “Improved audit quality will yield more reliable financial information for the markets. “Given this  significance, I believe that intelligent regulatory efforts aimed at entrenching high quality in audits will serve he market better. Regulators, particularly the Financial Reporting Council, should pay attention to audit quality.

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