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Being an important implication of her definition, she adds that audit failure, being a financial statement with omissions and/or misstatements, is less likely to occur when audit services are of higher quality.High quality
Audit quality
The most well-known definition of audit quality, which has been broadly accepted by scholars is the one by De Angelo (1981) which states that: "The quality of audit services is defined to be the market-assessed joint probability that a given auditor will both discover a breach in the client's accounting system and report the breach.". This definition broadly means that audit quality depends on the probability that the auditor discovers a misstatement in a financial statement and actually reports the misstatement. DeAngelo (1981) added that the probability of discovering such a breach depends on aspects such as the technological capabilities of the auditor and the employed procedures of the specific audit. She also argues that the probability that the auditor actually reports the discovered misstatement is a measure of the auditor's independence from the specific client. Thus, an auditor is perceived as independent when the auditor is able to withstand the client's pressure not to report the discovered misstatement (DeAngelo, 1981). If auditors are not independent, they will be less likely to report misstatements, which negatively influences audit quality. As a result, it can be argued that the lower the degree of independence of the auditor, the lower the quality of audit services will be. Palmrose (1988) defines audit quality as "the level of assurances - the probability that financial statements contain no material omissions or misstatements" and argues that a higher level of assurances corresponds to a higher quality of audit services.
Being an important implication of her definition, she adds that audit failure, being a financial statement with omissions and/or misstatements, is less likely to occur when audit services are of higher quality. High quality
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