The International Auditing and Assurance Standards Board (IAASB) has opened consultation on its new consultation paper, A Framework for Audit Quality.

The organisation hopes to raise awareness of the key elements of audit quality, encourage stakeholders to explore ways to improve audit quality, and facilitate greater dialogue between key stakeholders on the topic, through its proposed framework.

IAASB chairman, Arnold Schilder, said that while the IAASB recognises that high-quality auditing standards and well-qualified, competent, sceptical auditors are essential to a quality audit, there are many factors that contribute to maximising the likelihood of quality audits being consistently performed.

'There is value in identifying and describing these factors and, thereby, encouraging audit firms and other stakeholders to challenge themselves to think about whether there is more they can do to increase audit quality in their particular environments,' said Schilder.

Specifically, the IAASB is seeking responses to several questions listed in the paper, in particular, whether the framework is clear, comprehensive, and useful. In developing the framework, the IAASB has also identified, with the input of stakeholders, a number of areas for consideration by both auditors and other participants in the financial reporting supply chain that may benefit audit quality on a global basis.

James Gunn, IAASB technical director, said that the proposed framework describes the input and output factors that contribute to audit quality at the engagement, audit firm, and national levels.

'It also demonstrates the importance of appropriate interactions among stakeholders and the relevance of various contextual factors,' explained Gunn.