Audit AssistantWhy there is a need for yet another quality standard? This one specifically addresses the Engagement Quality Reviewer; their appointment, eligibility, responsibilities, and documentation. This standard aims to strengthen the requirements for engagements that should be subject to an engagement quality review by extending the requirement for an Engagement Quality Review (EQR) to engagements other […]
Read moreThe IAASB has now issued its proposed standard on less complex entities (ED-ISA for LCE) for feedback. A standard around LCE’s is long overdue, and their proposal comes with the hope of easing unnecessary requirements placed on auditors. The standard is expected to come into effect around 2023/2024 and should be a game-changer for the […]
Read moreThe new ISA 220 will be effective from December 2022, which means that firm’s have plenty of time to get up to speed with the changes. The standard emphasis can be summarised with: Proactive management of quality at the engagement level by emphasising the importance of professional scepticism. Enhancing the auditor’s documentation’s judgments. Reinforcing the […]
Read moreI 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 […]
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