Root Cause Analysis Is Transforming Audit Quality

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Nov 06, 2017

On November 6, 2017, the International Federation of Accountants (IFAC) released an article on how a growing number of professional bodies are now encouraging the accountancy profession to embrace Root Cause Analysis (RCA) as a way to improve overall audit quality and meet the expectations of stakeholders and regulators.

The International Forum of Independent Audit regulators, for example, states:

“(We) view robust Root Cause Analysis and implementation of responsive actions to be fundamental to improving audit quality. It is critical that firms have processes in place that enable a timely, thorough assessment to identify recurring root cause issues—whether positive or negative—and to take appropriate actions.”

Review the full article on the IFAC's website.

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