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Auditors needed to remember that their real client is the end-user of financial statements, according to a research report published by The Institute of Chartered Accountants of Scotland (ICAS).
AUDITQUAL: Dimensions of Audit Quality by Angus Duff considered service quality and technical quality as components of overall audit quality. It also explored their importance to audit firms as a means to help attract and retain high calibre staff as well as to generate sufficient income.
ICAS pointed out that interest in audit quality is at an all time high. Following Enron and WorldCom, there was a lack of public confidence in the corporate governance and auditing of publicly quoted companies in the United States. The Institute acknowledged that although there are significant differences in the regulatory framework, corporate governance regime and...