Audit quality characteristics and assessment
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Date
2023
Authors
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Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
Audit quality is fundamental in maintaining the integrity of financial reporting and upholding investor confidence
in the capital markets. This research paper delves into the multifaceted realm of audit quality, exploring
its various characteristics and the methodologies employed to assess it. Audit quality has gained increased
attention in recent years due to high-profile corporate scandals and regulatory reforms aimed at enhancing
transparency and accountability. This paper begins by examining the conceptual framework of audit quality,
considering aspects such as auditor independence, professional skepticism, audit firm reputation, and regulatory
oversight. Each of these dimensions plays a vital role in ensuring that auditors fulfill their duty to provide
an unbiased and accurate assessment of a company's financial statements. The paper also investigates the
methods employed to evaluate audit quality, including both quantitative and qualitative approaches. Empirical
studies, audit inspection reports, and self-assessment questionnaires are among the tools used to assess various
dimensions of audit quality. The paper discusses the advantages and limitations of each method, shedding
light on the challenges faced by researchers, regulators, and practitioners in effectively measuring and improving
audit quality. Furthermore, the paper delves into the role of audit quality in the context of corporate governance
and its impact on financial markets. It examines the link between audit quality and firm performance, stock prices, and the reliability of financial information. The results of this analysis have implications for investors,
regulators, and auditors seeking to understand the broader consequences of audit quality. This research
paper serves as a comprehensive overview of the audit quality concept, its characteristics, and the methods
used to assess it. It emphasizes the crucial role of audit quality in financial reporting and corporate governance,
providing valuable insights for both academic and practical purposes. Understanding the complexities of audit
quality is imperative for ensuring financial markets' continued stability and reliability.
Description
1. აუდიტის საერთაშორისო სტანდარტი 220 - „ფინანსური ანგარიშგების აუდიტის ხარისხის კონტროლი“.
2. ხარისხის კონტროლის საერთაშორისო სტანდარტი (ხკსს) ISQC 1 – „ხარისხის კონტროლის
ფირმებისათვის, რომლებიც ასრულებენ ფინანსური ანგარშგების აუდიტისა და მიმოხილვის
და სხვა სახის მარწმუნებელი და დაკავშირებული მომსახურების გარიგებებს“
3. ხარისხის კონტროლის სისტემის მონიტორინგის დებულება. დამტკიცებულია ბაფის აუდიტის
რეგულირების კომიტეტის მიერ 01.05.2014 # 3/2014 ოქმი
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ჯავახიშვილის სახელობის თბილისის სახელმწიფო უნივერსიტეტი ეკონომიკისა და ბიზნესის
ფაკულტეტი III საერთაშორისო სამეცნიერო კონფერენცია „გლობალიზაციის გამოწვევები
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Keywords
Citation
VIII International Scientific Conference: "Challenges of Globalization in Economics and Business", Proceedings , Tbilisi, 2023, pp. 319-327