EBA: A Framework for Audit Quality

15 May 2013

EBA published its comment letter on the IAASB's Consultation Paper, 'A Framework for Audit Quality'.

EBA believes the framework could be a valuable contribution to improving audit quality, in the way it outlines the key drivers which contribute to audit quality. However, EBA is unclear of the status of the framework and how it will inform the development of future auditing, ethical and educational standards. EBA would also observe, in the light of the findings from recent audit inspection reports, that there could be greater emphasis on professional scepticism in the framework, as well as further detail provided on the audit of internal controls related to financial statements.

EBA welcomes the references in the framework to interactions between the auditor and the regulator and, for more guidance on this area, would point the IAASB to the recently published BCBS consultation paper on the “External audit of banks”.

Comment letter

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