Oct 05, 2015
From the Financial Reporting Network
KPMG LLP recently commented on the PCAOB’s Concept Release on Audit Quality Indicators, which addresses the content and possible uses of a group of audit quality indicators (AQIs or indicators). The Board believes that the indicators are a potential portfolio of quantitative measures that may provide new insights about how to evaluate the quality of audits and how high quality audits are achieved.
KPMG acknowledges and supports the PCAOB’s efforts to develop AQIs that could be used by audit committees and auditors to stimulate and enrich dialogue about audit quality as it relates to a specific audit engagement. The firm offered for the Board’s consideration its views about certain topics outlined in the Concept Release, including comments about concepts associated with developing AQIs, and about how and with whom the auditor should communicate the AQIs.