Quality assurance review is one of the main pillars safeguarding the prestige and reliability of the institution of auditing. The purposes of quality assurance review are: (a) to reasonably ensure compliance with professional standards and the legal framework, (b) to examine whether sufficient and appropriate to the circumstances audit evidence that support audit reports have been collected, (c) to provide reasonable assurance that there is no material misstatement or omission due to fraud or error. Quality assurance review also contributes to the improvement of the audit firms’ internal quality control systems, ensuring that high-quality audit services are provided.
