Auditors face changes in audit quality management standards - what are they and why are they important?

The Australian taxpayer pays for the development of auditing standards but there is typically little interest in the process unless there is a controversy related to a company or firm. What the Auditing and Assurance Standards Board does is critical in ensuring the standards regulating audits and other assurance services are fit for purpose and designed to ensure auditors are focused on doing all that is necessary to come up with an audit opinion based on sufficient and appropriate evidence. Experts from the AUASB, Matt Zappula and Renee Herman, join Tom Ravlic to look at a critical area in regulation.

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