Audit quality critical for stakeholder confidence

Muscat: In a sophisticated and changing world of corporate activity, audit quality is critical for confidence in the reports presented by auditors.
Should confidence in audit be questioned, then there can be wider economic consequences because of the lack of trust in financial information that investors need to use to make decisions said Davis Kallukaran, Managing Partner of Crowe Oman.
He was welcoming the delegates to the two-day Crowe Global Middle East audit update conference which commenced at the Park inn hotel on Sunday. The meeting is being attended by delegates from United Kingdom, Jordan, Lebanon, Kuwait, Bahrain, UAE, Yemen, Afghanistan , Pakistan and Oman
Speaking on the occasion David Chitty, the International Director, Audit & Assurance at Crowe Global said, "Today (July 1, 2019) marks a significant step in the development of audit quality as today is the day that the consultation closes on proposals by the International Audit & Assurance Standards Board (IAASB) for new quality management standards."
"IAASB is the global setter of standards for auditors and it has been working with national audit regulators to develop new standards that will further enhance audit quality thereby advancing trust in audited financial information,” he added.
“The quality management standards will eventually replace long established standards on quality control. The old standards have been successful, helping audit firms around the world to develop robust sets of quality control policies and procedures. However, the old standards reflect an early 2000s approach that is compliance orientated. The new standards focus on leadership, governance and objective setting, otherwise the management of quality,” he pointed out.
Dr Khalid Maniar, the founding Partner & Chairman of Crowe Mak Dubai, delivering the key note address said: “Risk management is core to business leadership. Quality management brings risk management to the leadership of audit firms, with the aim that it enhances confidence in the reports issued by the firm. Quality management is not the only initiative by IAASB to promote the enhancement of audit quality, but it is one of the most important, a foundation for other developments."
James Ravi, an expert on IFRS and Karl Jackson, Associate Partner Audit & Assurance services at Crowe Oman also addressed the gathering.