Analysis and evaluation of audit service quality in Lithuania

Abstract

The article investigates audit service quality in the market of Lithuania. The aim of the article is to analyse and evaluate the quality of audit services provided by Lithuanian audit companies (both, operating nationally and locally), while disclosing main areas where audit quality should be improved. The empirical research of the article was carried on while using an expert judgement method. The group of ex-perts consisted of specialists involved in audit quality assurance system of Lithuania (members of Audit quality control committee, Audit public oversight committee, etc.). The experts have evaluated the audit quality in Lithu-ania while using the model of criteria presented in theoretical part of the article.. The results disclose that compliance with the ethical requirements, quality monitoring and clients acceptance and continuation are the main areas within the audit firms‘ quality control systems where improvements should be made. On the level of audit engagement team, audit quality can be improved while strengthening team mem-bers‘ knowledge about auditees business industries, excercising professional skepticism and involving audit partners more actively in the engagements. Keywords: audit quality, auditor‘s report, criteria, audit firm, audit engagement team.