Audit Quality Issues in Australia: Analysis of Four Excerpts

Running head: AUDITING AND ASSURANCE SERVICES
Auditing and Assurance Services
Name of the Student
Name of the University
Author’s Note

1AUDITING AND ASSURANCE SERVICES
Synopsis
The main purpose of this essay is the assessment of four excerpts that includes news article and
press release for discussion about the audit quality issues in Australia. This essay undertakes
detailed analysis of these excerpts for understanding the aspects related to audit quality. It is
mentioned in the essay that audit quality can be improved with the utilization of advanced
technologies in audit engagements. This essay also indicates towards the crucial fact that conflict
of interest is a major barrier in achieving audit quality while this can also cause large corporate
collapses. There is a need for identifying and implementing initiatives by the audit firms to
improve audit quality. This essay also discusses about the roles of restructured and revised code
of ethics in order to enhance the audit quality while maintaining professional skepticism as well
as audit judgments.

2AUDITING AND ASSURANCE SERVICES
Introduction
It has been argued in the recent years that the audit quality may be enhanced with the
help of advanced technologies using is auditing. It is also considered by many that the presence
of conflict of interest may have major impact on audit quality. All these indicates that audit
quality is a major concern and the main aim of this essay is to discuss about different aspects
impacting the audit quality in Australia. For this, this essay analyses and evaluates the concerns
regarding audit quality mentioned in four specific excerpts that consist of news articles and press
releases.
Discussion
Maintaining the appropriate audit quality is one of the major responsibilities of the
auditors. However, in the recent years, certain issues have been identified regarding audit quality
in Australia. The following discussion involves in the analysis of audit quality related concerns
in four excerpts.
Audit Quality and Advanced Technology
Advanced technology has a positive impact on the improvement of audit quality and this
particular aspect is discussed in the news article named “How Advanced Technologies May
Improve Audit Quality”. The examples of main advanced audit technologies are data analytics,
cloud, Artificial Intelligence (AI) and others (forbes.com, 2019). Billions of dollars have been
invested by the audit firms all over the world for the implementation of advanced audit
technologies because more than 94% of the corporate finance executives have agreed on the fact
that audit quality is improved due to the use of advanced technologies. Majority portion of the