Audit AssistantI have spoken to a couple of users lately regarding potential fishhooks related to the audit of the COVID 19 wage subsidies paid out by the Ministry of Social Development (MSD). What is our responsibility as auditors? Do we just accept that if the subsidy was received it was legitimate? What if we find that […]
Read moreOverview For many firms, trying to understand why the IAASB has moved from requiring quality control to quality management and how to meet the requirements may fill you with a sense of unease. These new standards will come into effect at the latest by December 2022, so we are committed to staying ahead of the […]
Read moreWhat are the main components of ISQM 1, and how are they organised and integrated? ISQM 1 uses a new approach to managing quality that is scalable to deal with differences in firms’ size and nature of their services. As discussed previously, the new quality management approach drives firms to think about the firm’s nature […]
Read moreAudit Quality Management The final pronouncements on ISQM 1, ISQM 2 and ISA 220 were published in December 2020. From December 2022 all auditors and assurance practitioners must adhere to the new standards. At this stage, the XRB has not yet revised PES-3 but will likely occur in the coming months. The adoption date may […]
Read moreAudit Assistant is more than a tool for financial auditors, it is a powerful platform for all kinds of other assurance, review, compliance, and other applications. Our reseller account provides the following advantages: Develop a professional-grade cloud-based product with basic skills using our platform Leverage your product on our reputation of delivering our professional cloud […]
Read moreFollowing on from the IAASB discussion paper on the audit of Less Complex Entities (that we have previously discussed), the IAASB recently released some good news – a new single standard is being developed for these entities. The IAASB Glossary defines these as entities which typically possesses qualitative characteristics such as: a. Concentration of ownership […]
Read moreOur current Australia specific content includes: AULCEA Special Purpose – Charity: For audits of Smaller Charities (Less Complex Entities), referencing ASAs – for Australian entities preparing financial statements in terms of Australian Charities and Not-for-Profits Commission Act 2012. AULCEA Special Purpose – Company: For audits of Smaller Companies (Less Complex Entities), referencing ASAs – for […]
Read moreWith remote and paperless auditing becoming much more common, a number of threats and opportunities arise. This article considers the use of Adobe DC Pro as both a great tool for authenticating and securing documents for signing, and also how it can be used maliciously to tamper with PDFs. How safe are PDFs? Many auditors […]
Read moreFollowing on from part 1, in this article we again use the Q & A format to explore service performance reporting. This time we specifically address this in terms of preparing for an audit. Q. What do I need to know about the new audit standard? In December 2015 the XRB issued EG Au9 “Guidance on the […]
Read moreI recently participated in a panel discussion on the topic of Preparing Audit-ready Performance Reports. From the questions submitted and the types of participants, it was clear that larger charities are becoming seriously focussed on preparing service information in a way that is meaningful, compliant with the standards, and able to be audited without too […]
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