New Directions on Audit Quality and Oversight: Summary of the PhD thesis in economics

Abstract

CONCEPTUAL background to the research. The relevance of the research topic and the importance of the approached problem. After the adoption of the International Standards on Auditing (ISA), the Republic of Moldova is faced with the need to align itself with the changes made at international level in the field of auditing. Therefore, public institutions responsible for overseeing the quality of audit work in the Republic of Moldova need to restructure and modernise their activities in line with similar organisations in EU Member States as well as in other jurisdictions applying ISAs. This issue of modernisation of audit oversight institutions, with a particular focus on quality control of audit work, is a topical issue and requires further research in this area. The importance of the research topic derives both from the requirements of the standards in conducting a quality audit and from the need for auditors to provide truthful opinions on financial statements so as not to present misleading information to stakeholders. The topicality of the subject arises from the complex interaction between public oversight authorities and professional audit organisations, which play a key role in ensuring the quality and proper oversight of audit work. Public oversight authorities are responsible for regulating and supervising audit work and professional organisations have the role of promoting standards and best practices among auditors.