While audit quality is at the heart of discussion of various stakeholders, there are no prescribed methods for measuring audit quality.
Audit Quality Indicators (AQIs) can be the response to address this, allowing audit firms to provide certain metrics which provide transparency to their quality control systems and capability to conduct a thorough audit.
The FAQ is developing a discussion paper on adoption of AQI's by auditing firms and it will reach out to various stakeholders to seek inputs as it finalises the paper. .