Regulation on the quality of audit work: global analysis for a local context (Peru)

Abstract

In recent years, the events that have occurred regarding fraud and corruption have led countries to seek mechanisms that safeguard financial information, firstly, through compliance with standards issued by bodies such as IFAC, which promote the application of International Standards. Financial Reporting Standards (IFRS), International Auditing Standards (ISA) and International Quality Control Standards (IASC). In this context, this research assesses the application of ISA 220- Quality Control of the Audit of Financial Statements and its relationship with IAS 1, analyzing the proposals for the improvement of international regulations. In addition, the current situation of the audit work in the world is presented, mentioning cases of other countries where there are established control bodies, as well as international opinions are collected regarding the importance of the quality of the audit work. Finally, the analysis of the adoption of the regulations in Peru is addressed, what has been its evolution in recent years and what are the existing audit control bodies.