In: Accounting
The website of Chartered Accountants Australia and New Zealand (CA ANZ) carries many articles on Audit Quality which can be found at the link given below: https://www.charteredaccountantsanz.com/member-services/technical/audit-and-assurance/auditquality
Your audit manager has requested your team to consider the concept of “Audit Quality” and how it may impact on the audit of historical financial information. In your own words comment on the concept of Audit quality and as a team conclude as to how important it is or isn’t when you carry out an audit; justify your answer.