Audit Quality

19.	Audit quality is often thought to include the experience and technical capability of audit firm partners and staff, the capability to efficiently respond to a client's needs, and the ability and willingness to appropriately identify and surface material reporting issues in financial reports. Since 2003, has it become harder or easier for your firm to maintain audit quality?
	1.		Much harder
	2.		Somewhat harder
	3.		Little or no change
	4.		Somewhat easier
	5.		Much easier
	6.		Don't know

20.	Since 2003, has each of the following factors made it harder or easier for your firm to maintain audit quality?

		Made much harder	Made somewhat harder	Little or no effect	Made somewhat easier	Made much easier	Don't know
	a. Availability of qualified staff in marketplace
	b. Ability to retain qualified staff
	c. Complexity of accounting principles and auditing standards
	d. Staff experience and technical capability with complex accounting principles and auditing standards
	e. Implementation of SOX 404
	f. Complying with PCAOB inspection program requirements

		Made much harder	Made somewhat harder	Little or no effect	Made somewhat easier	Made much easier	Don't know
	g. Increased role of audit committees
	h. Complying with independence standards
	i. Complying with partner rotation requirements
	j. Spending appropriate time documenting audit decisions
	k. Complying with compressed reporting timeframes
	l. Spending appropriate time on issues based on risk areas
	m. Determining appropriate amount of time/involvement of partners on engagement
	n. Other - please describe below

	IF OTHER: please describe.

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Full Report: GAO-08-163

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