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Multidisciplinary firm structure produces high-quality audits

Sep 26, 2019
A report published by Chartered Accountants Australia and New Zealand, the Association of Chartered Certified Accountants and the International Federation of Accountants has shown compelling evidence that “the presence of multidisciplinary firms in a large and evolving corporate reporting system fills a valuable market need” and, simultaneously, commends how the rules that have evolved over the past two decades “mitigate risks associated with audit firms providing non-audit services to some audit clients.” 

The report, Audit Quality in a Multidisciplinary Firm, draws its findings from leading academic literature, views of policy experts, and an in-depth study of how regulators worldwide manage risk. It is meant to contribute constructively to the international debate on the multidisciplinary firm business model and auditors providing non-audit services. 

The report notes that high quality audits require “a diverse skill base” and that “the multidisciplinary model is one of the best mechanisms to develop the skills, expertise and consistency needed for quality audits.” 

You can read the report here.

(Source: IFAC)