Economic Themes (2013) 51 (2) 6, 335-353
Ljiljana Bonić, Milica Đorđević
Abstract: Quality control of external audit should ensure that the audit results meet the expectations of stakeholders and also respond to all the challenges the audit faces. The process of quality control of external audit includes all subjects who have an interest in the reliability of audit reports and provision of a high level of audit services: certified auditors, audit firms, professional auditing organizations and the public. In the early 21 century, the outbreak of financial scandals and economic crisis has created the need for increased public oversight over the audit. In this sense, quality control of external audit has become a subject of interest to professional organizations, regulatory bodies and governments. These subjects tighten the monitoring of the audit profession, establish rules for assurance of audit quality control and impose the use of high quality auditing standards for all audits.
Keywords: audit quality control; public oversight of audit
QUALITY CONTROL AND PUBLIC OVERSIGHT OF EXTERNAL AUDIT
Ljiljana Bonić, Milica Đorđević
Abstract: Quality control of external audit should ensure that the audit results meet the expectations of stakeholders and also respond to all the challenges the audit faces. The process of quality control of external audit includes all subjects who have an interest in the reliability of audit reports and provision of a high level of audit services: certified auditors, audit firms, professional auditing organizations and the public. In the early 21 century, the outbreak of financial scandals and economic crisis has created the need for increased public oversight over the audit. In this sense, quality control of external audit has become a subject of interest to professional organizations, regulatory bodies and governments. These subjects tighten the monitoring of the audit profession, establish rules for assurance of audit quality control and impose the use of high quality auditing standards for all audits.
Keywords: audit quality control; public oversight of audit
