According to the CPAB, an audit firm culture that maintains the appropriate balance between commercialism (managing the economic business of the firm) and professionalism (sustainable high-quality audits) is the key to maintaining high-quality audits.
REQUIRED
a. Why do you think the relationship between commercialism and professionalism has a large impact on audit quality?
b. What type of quality controls can audit firms put into place to ensure partners and staff maintain that appropriate balance?