Publication

24 June 2020

How do multidisciplinary teams contribute to audit quality? Briefing paper

High-quality audits contribute to the extent to which we can trust financial information. As stakeholders demand more and more diverse corporate information, companies use experts, beyond accounting, for reporting this. Likewise, auditors depend on other experts, scientists, engineers, actuaries, to supplement their skills to provide the highest quality audit of financial statements. Such multidisciplinary teams aim to meet the demands of a fast-changing and complex business environment.

Multidisciplinary models have been the subject of debate in Europe and beyond. We asked 18 people from practice, including regulators and audit committee chairs, how they view working with multidisciplinary teams. Based on their insight we conclude the following:

  • multidisciplinary audit teams contribute to high-quality audits
  • auditors benefit from experts’ input, especially from internal ones
  • firms should further develop their capability to work with internal experts
  • firms should stay multidisciplinary to meet evolving expectations from the audit
  • auditors’ priorities remain audit quality, the public interest, independence and ethics

Related content

EventShaping a future-proof corporate ecosystem

12 October 2023

EventPreparing for high-quality sustainability assurance engagements

3 October 2023

Consultation responsePCAOB’s proposed amendments to Auditing Standards related to a company’s noncompliance with laws and regulations

28 July 2023

Consultation responseIAASB’s proposed International Standard on Auditing 570 Going Concern

28 July 2023

Consultation responseIIASB’s proposed Global Internal Audit Standards

1 June 2023

Consultation responseIAASB’s consultation on proposed Part 10, Audits of Group Financial Statements of the proposed ISA...

3 May 2023

Consultation responseIAASB’s consultation on proposed International Standard on Auditing 500 (revised): audit evidence

24 April 2023

Consultation responseIAASB’s consultation on Proposed Strategy and Work Plan for 2024-2027

12 April 2023

NewsTraining Italian accountants to take up the sustainability challenge

20 March 2023

PublicationDynamics influencing auditor choice in the Public interest entity market

17 March 2023

NewsFinnish auditors gearing up for a comprehensive ESG training

3 March 2023

PublicationMulti-stakeholder analysis of corporate failures

8 February 2023

Consultation responsePCAOB’s consultation on new quality control standard

1 February 2023

NewsCollaboration – the key to high-quality sustainability education framework for accountants

23 January 2023

PublicationKey factors to develop and use audit quality indicators

13 January 2023

PublicationIndependent assurance on ESEF – the block tagging requirement

15 December 2022

EventReducing corporate fraud risk: European perspectives

8 December 2022

PublicationFAQs: all you need to know about the Corporate Sustainability Reporting Directive

23 November 2022

PublicationSustainability education

14 November 2022

PublicationPublic audit oversight

29 June 2022

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?