QUALITY CONTROL AND PEER REVIEW

Introduction

APB statement of auditing standard 240 deals with “Quality Control for audit
work”. It takes Quality Control to be of paramount importance to the independent
audit function.
The standard describes quality control policy and processes as those “designed
to provide reasonable assurance as to the appropriateness of the auditors’ report
and of adherence to auditing standards, ethical and other regulatory
requirements.
Many quality assurance frameworks take a holistic approach to quality,
encompassing a wide range of business considerations including client and
employee satisfaction, and commercial performance. Firms are encouraged
to embed procedures to meet the requirements of the statement of auditing
standards on quality control into a wider quality assurance framework”. (Chitty,
2004).
Wider quality assurance objectives may be achieved by the auditors by
discussing audit performance with boards of directors, audit committees (where
they exist) and senior management.

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