AQF Fundamentals - Principles based auditing standards

Audit Quality Q a Fundamentals – Principles-based auditing standards FATA L F L AW R E V I EW

What are principles-based (or objectives-oriented) standards? This paper explores the perceptions of the nature of ‘principles-based’ or ‘objectives-oriented’ auditing standards. How do they differ in practice from ‘rules-based’ standards? Implementation issues are also explored including the capacity of such standards to deliver real improvements in audit quality and the need to balance the promotion of professional judgement with the need for auditor accountability.

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