Audit Committee Leadership Network, March 2021
Policymakers, regulators, investors, audit committees, and audit firms all stress the importance of high-quality audits to well-functioning capital markets. Yet they acknowledge that it can be difficult to assess the performance of firms and their engagement teams. Myriad factors come into play, operating at both the firm level and the specific engagement level, and many are evolving over time as well as interacting with each other. EY established its Independent Audit Quality Committee (IAQC) in 2018 to advise EY senior leadership on the many aspects of the firm’s business and operations that affect audit quality.
On March 9, 2021, members of the Audit Committee Leadership Network (ACLN) gathered virtually with the three members of the IAQC—Bill McNabb (chair), Dina Dublon, and Jeanette Franzel—to share perspectives on audit quality and the challenges of assessing it.