Financial statement users cannot be expected to evaluate audit performance because they will not have the time or the competence to do so. In such a situation, how is public confidence in the quality of professional services enhanced? When there are
A) only business majors hired to work as auditing students with public accounting firms.
B) adequate controls at the public accounting firm to limit the amount of overtime worked.
C) high standards of performance and conduct on the part of all practitioners.
D) strict rules about the type of work that employees should complete on a daily basis.

Question

Quizplus · Accepted Answer

Public confidence in the quality of professional services is enhanced by high standards of performance and conduct on the part of all practitioners. This includes adhering to ethical and professional standards and consistently delivering high-quality services to clients. Adequate controls to limit overtime worked (B) and strict rules about daily work (D) may contribute to a healthy work environment, but they are not directly related to audit performance or public confidence in the quality of professional services. Although hiring business majors as auditing students (A) may ensure that individuals have a certain level of knowledge, it does not guarantee high standards of performance and conduct.

Financial Statement Users Cannot Be Expected to Evaluate Audit Performance