To achieve the objective of AABE which are stated as a main objective on the regulation No. 332/2014 Article 5 sub-article 1-5 the AABE audit quality reviewers conducts the following core activities regarding to Audit Quality Assurance service of the Firms based on the outlined procedure of Practice Monitoring Programme (PMP) and Quality Control (QC) process.
Practice monitoring programme (PMP) &Quality control (QC) involves the following basic steps:
The Practice Monitoring Programme (PMP) and Quality control(QC) which is conducted by AABE audit review experts is an important regulatory instrument in promoting high audit quality service through ascertaining whether Auditors have complied with the prescribed auditing standards, methods, procedures and other requirements, so that audit firms will deliver consistent high audit quality service to the public. In accordance with the regulation no. 332/2014 Article 27(5), the board may cause to publish in its official reports, on its page, e-bulleting, or in daily newspaper, the decision of the board with respect professionals.
The Practice Monitoring Program (PMP) and Quality control (QC) is an important regulatory instrument in promoting high audit quality. Audit quality is the cornerstone of public confidence in the reliability of the financial information upon which the market makes capital allocation decisions.
The PMP provides quality assurance to the market through ascertaining whether public accountants have complied with the prescribed auditing standards, methods, procedures and other requirements. This assurance gives users of financial reports increased confidence in audit opinions.
Different groups in public contribute to audit quality in addition to auditors, especially directors, preparers of financial statements and investors. To foster a strong eco-system that promotes audit quality, AABE works with partners in the profession and the business community in a concerted effort to provide help to Auditors, and educate business people about their roles in the audit process as well as the value of a good audit.
Learn more about AABE events and resources relating to audit quality.