The document discusses the objectives and challenges of auditing oversight and quality assurance. It recommends establishing a public oversight system for statutory auditors and audit firms that conduct public interest entity audits. The oversight system should be governed by non-practitioners with relevant knowledge, cover all aspects of oversight including standard setting, inspection, and discipline, and be transparent and independent while preserving audit quality. No single oversight model will fit all jurisdictions, but the recommendations provide principles for an effective system.

1. Auditing, oversight and quality assurance Objectives and challenges

7. Auditing, oversight and quality assurance Objectives and challenges