Root Cause Analysis Is Transforming Audit Quality
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.
