Research On Audit Quality Control Of Accounting Firms Based On 5M1E Method

The rapid development of China’s economy and society has led to the flourishing of the certified public accountant industry.As the main body of auditing,accounting firms are increasingly valued by various sectors of society for their audit opinions;At the same time,the demand for high-quality audit results from accounting firms in the capital market is gradually increasing.Therefore,audit quality has become one of the key concerns of society.However,in recent years,due to fierce competition in the industry,frequent mergers and expansions,and other factors,audit failure cases have occurred frequently.In this situation,how to ensure audit quality has become an important topic of common concern for the government,the public,the certified public accountant industry,and accounting firms.Undoubtedly,the most important measure to ensure audit quality is for accounting firms to strengthen audit quality control based on their actual situation and address the root causes of audit quality problems.This dissertation selects MX Firm’s Audit Fenghua Hi-Tech as a discussion case,based on the theories of comprehensive quality management,lean quality management,and information asymmetry.It uses literature research,theoretical analysis,case analysis,and on-site investigation methods to study the audit quality control issues of accounting firms.Firstly,based on reviewing relevant literature at home and abroad,the concepts of audit quality and audit quality control were defined.Then,the feasibility and advantages of using 5M1 E analysis method in audit quality control of accounting firms were analyzed.Combined with the specific case of MX firm’s audit failure of Fenghua Hi-Tech disclosed on the official website of the China Securities Regulatory Commission,the audit personnel,audit process methods,audit evidence,audit quality review The audit software and audit environment were systematically analyzed from six aspects to identify the problems that MX firms face in auditing quality control.After research,it was found that the main problems in audit quality control of MX firm include: incomplete audit resources,lack of audit process methods,insufficient and appropriate audit evidence obtained,incomplete and unimplemented three-level review system,need to improve information audit software,and failure to implement a quality oriented internal culture.Based on the above findings,this dissertation also proposes countermeasures to improve the audit quality control issues of MX accounting firm from six aspects of the identified problems.That is,to improve human resource management,strengthen the improvement and execution of audit process methods and procedures,obtain sufficient and appropriate audit evidence,improve the three-level review system and strictly implement it,promote the application of big data intelligent auditing,and enhance the firm’s identification with its own culture,in order to provide ideas and references for solving audit quality control problems in accounting firms.