Quality Assurance Network for non-PIE Audit
The non-PIE (Public Interest Entities) audit sector constitutes the largest part of the audit market in the EU. The Quality Assurance Network for non-PIE Audit (QAN) aims to enhance audit quality by fostering cooperation and exchange of best practice to strengthen the audit monitoring practices among its members which are all professional accountancy organisations (PAOs). The focus is on policies, procedures and methodologies, as well as on the content and structure of working papers in the approach to audit file review.
A key element of the QAN initiative from its launch has been to engage with Public Oversight Bodies (POBs), recognising the shared agenda for audit quality and the POBs’ role of ultimate responsibility. Overall, the QAN is advantageous for PAOs with delegated authority (majority of members) and also PAOs that do not have delegated authority.
Specific objectives and components
- The QAN operates as a cost-effective and self-sustaining initiative to strengthen audit monitoring practices which provide confidence to POBs in continuing delegation to PAOs, with priority focus on policies, procedures, methodologies and the content and structure of working papers and approach to audit file review.
- It provides a standing network and online community for exchanges between reviewers and a structured series of focused workshop meetings open to audit monitoring staff of QAN participating bodies.
- It facilitates engagement with POBs to share QAN developments and exchange and resolve practical challenges.
- Ultimately, the QAN is about addressing “legacy” issues and raising the quality bar, achieving a common understanding on significant issues and risks.