IMPACT OF COMPETITIVENESS IN THE AUDIT BUSINESS ON AUDIT QUALITY.

This study assesses how audit quality is affected by competition in the audit industry. The study observed that competition pushes audit firms to use cutting-edge technology, gain industry-specific knowledge, and ensure maximum satisfaction of their clients, all of which can improve the quality of audits. It is also observed that fierce competition frequently results in cost-cutting strategies, fee undercutting, and an excessive dependence on non-audit services, all of which might jeopardize auditor independence and audit rigor. The study emphasizes how crucial ethical behavior, openness, and regulatory supervision are to reducing the adverse effects of competition. The study emphasizes the necessity of a well-rounded strategy that protects audit quality while fostering healthy competition. The study's findings state that stakeholders such as clients, audit firms, and regulators must work together to make sure that competition promotes excellence rather than compromises the integrity of the audit profession. A standard audit quality will boost public confidence in financial markets and bolster the global economy.