Which of the following BEST enables an audit department to improve the quality of work performed by its auditors?
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A. B. C. D.A.
Option A: Implementing global quality standards Implementing global quality standards provides a framework that helps the audit department to standardize its operations, which can result in consistency in the quality of the work performed by auditors. The framework defines best practices, methodologies, and procedures that the auditors should follow while performing audit engagements. This option can improve the quality of work performed by auditors since it sets a common standard that auditors should adhere to, and helps to ensure that their work meets a consistent level of quality.
Option B: Funding additional resources for audit work Funding additional resources for audit work can improve the quality of work performed by auditors by enabling them to conduct a more comprehensive and in-depth audit. Additional resources can include hiring more auditors, investing in audit technology tools, or engaging external specialists. This option can be helpful when the audit department is understaffed or does not have enough resources to perform its tasks effectively.
Option C: Using audit-related data analytics tools Using audit-related data analytics tools can improve the quality of work performed by auditors by providing them with the capability to analyze large datasets efficiently. Data analytics tools can help auditors to identify patterns and trends in the data, which can help them to gain insights and draw conclusions from the audit evidence. This option can be useful when auditors need to analyze large volumes of data quickly and efficiently, and can help to improve the accuracy and completeness of the audit work.
Option D: Implementing peer review of audit work Implementing peer review of audit work can improve the quality of work performed by auditors by providing them with feedback on their work. Peer review involves having an independent auditor review the work performed by another auditor to ensure that it meets the required standards. This option can be useful when the audit department wants to ensure that its auditors are performing their work according to the required standards, and can help to identify areas for improvement.
Conclusion: Out of the four options, the BEST option that enables an audit department to improve the quality of work performed by its auditors is implementing peer review of audit work (Option D). This is because peer review provides an independent review of the work performed by auditors, which can help to identify areas for improvement and ensure that the work meets the required standards. While the other options (A, B, and C) can also improve the quality of work performed by auditors, implementing peer review is the most effective option for improving the quality of work performed by auditors.