The BAOB seeks to guide audit firms that wish voluntarily to use the Audit Quality Indicators (AQI).
Audit Quality Indicators (AQI) do not in themselves measure audit quality but are benchmarks whose results may directly or indirectly affect the audit quality of an audit firm. The ISQM 1 standard requires audit firms to develop a dynamic system of quality management with ongoing quality monitoring. Well chosen AQI can contribute to monitoring and continually improving the quality of the firm’s organization and its engagements.