What is a consequence of poor quality control according to ICAEW?

The consequence of poor quality control according to ICAEW is the withdrawal of the firm's authorization to carry out audits. Quality control in audit practices is essential to ensure that audit engagements are conducted in accordance with relevant standards and regulations. If a firm consistently fails to adhere to these standards due to inadequate quality control, it poses a risk to the integrity of the audit process, which can lead to a loss of trust from stakeholders and regulators.

Regulatory bodies, such as the ICAEW, have strict requirements to maintain the standards of professional practice. When these standards are not met, the regulatory board has the authority to revoke a firm's ability to perform audits. This action serves as a deterrent against negligence and emphasizes the importance of maintaining high-quality audit practices.

In contrast, the other options imply positive outcomes or improvements, which would not logically follow from a situation characterized by poor quality control. Increased client trust, enhanced market reputation, and improvements in audit procedures are all benefits associated with high-quality control practices, not the consequences of their absence. Thus, the correct answer highlights a significant risk firms face when neglecting the necessary quality standards in their audit processes.