The Saudi Organization for Chartered and Professional Accountants stated that audit quality can be measured through 21 specialized indicators, covering various aspects of the audit process, including the level of partner supervision, the expertise of work teams, the use of technology, the use of experts, and the hours of the link performance quality examiner.
This comes as part of a guidebook issued by the Organization to support audit firms and practitioners with non-mandatory measurement tools that help raise the efficiency of professional performance and improve the quality of financial reporting. The guidebook is a practical reference that enables stakeholders to continuously improve, systematically and objectively evaluate audit quality, support governance and enhance transparency and accountability within the accounting work environment.
The guidebook covers three main levels, including the following:
1- Indicators at the audit team level, including 13 indicators such as: partner supervision, manager supervision, workload, average years of experience, employee turnover rate, and team member training.
2- Indicators at the level of audit implementation, including 4 indicators: use of technology, use of experts, technical consultations, and link performance quality examiner hours.
3- Office-level indicators, including 4 indicators: independence, percentage of high-risk clients, performance quality control, and internal inspection results.
It is noteworthy that SOCPA works to issue professional guides and guiding standards on a regular basis, which keep pace with regulatory transformations and international standards, and contribute to building a more efficient and reliable audit and accounting sector.
The full guidebook can be viewed by
clicking here.