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The reading assignment this week focused on audit quality and discussed various culture, skills, and...

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Accounting

The reading assignment this week focused on audit quality and discussed various culture, skills, and effectiveness points with respect to audits generally. The text discusses factors that are outside of the auditors control with respect to audit quality. Please respond to all of the following prompts in one combined main response:

In your opinion, who is the greatest beneficiary of the audit and why? (Examples may include investors, creditors, the company itself, potential employees, etc.)

Can the quality of an audit always be assured? Why or why not? What might interfere with audit quality?

Do you agree with the notion that there are factors outside of the auditors control that affect the quality of the auditors work, and why or why not? Is that acceptable? Should that be made clearer to investors or other users of audit reports?

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