Opportunities for modernizing the financial audit quality management system in the Republic of Moldova

Abstract

Replacing the concept of quality control with that of quality management will not be a formality in the modernization of the quality assessment process of audit missions, as long as the management of the audit entity will assume this responsibility. And the linear approach traditionally used until now can no longer cope with the tasks of a flexible internal control system within an audit firm. The research in question is an empirical investigation to establish whether the new reforms in the field of auditing determine the performance of the audit mission in the context of the current requirements of professional quality standards. At the same time, the aim of the study is to express the opinion regarding the advantages and disadvantages of these developments at the stage of harmonizing the auditor profession with international practices. As part of the research theme, the normative acts in the field were investigated, the international good practices in the exercise of the auditor profession, aiming to highlight the role of reforms in ensuring the quality of services in this field. The research carried out on this subject aims to highlight the issue of the stability of the entire audit quality management system, consistently addressed in most of the approaches of the International Auditing and Assurance Standards Board (IAASB). The scientific investigations carried out on this research topic aim to identify and propose solutions regarding the improvement of the audit quality management system in the context of the review of international standards regarding quality assurance. CZU: 005.6:657.63(478); JEL: M42; DOI: https://doi.org/10.53486/cike2022.33