A guidance paper by the auditor unit of IFAC explores how setting the right tone can positively influence audit quality
The Translational Auditors Committee (TAC) of the Forum of Firms, a unit of the International Federation of Accountants (IFAC), has released a study which explores current practices among members of the Forum of Firms, an association of networks of international accounting firms that perform transnational audits.
The guidance paper, Tone at the Top and Audit Quality, based on the input of 10 TAC members, representing some of the biggest international networks, notes that, creating the right ‘tone at the top’ is not only an important element of corporate governance, but also key to effective operations of audit firms.
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