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Overview of Audit Quality Indicators Initiatives

This paper is an overview setting out audit quality indicators (AQIs) which have been developed by nine different organisations worldwide, including regulators, oversight bodies, professional bodies, and audit firms. It also provides insight into key differences between these AQIs; namely, if they are rules or principles-based, qualitative or quantitative, and whether reporting on these AQIs is made public or kept private.

With this publication, FEE adds a European perspective to the global discussion on audit quality. AQIs can increase comparability and transparency between audits and audit firms. As audits are dealt with on a global level, FEE thinks that an international initiative on AQIs is the best way forward. The different international stakeholders need to collaborate in order to agree on a globally accepted set of audit quality indicators. 

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Overview of Audit Quality Indicators Initiatives