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News

New Quality Standards: An Outline of the new ISA 220 (revised)

ISA 220 (revised) deals primarily with the engagement partners’ responsibilities in overseeing the quality of the assurance work. It forms part of the suite of Quality Management Standards, dovetailing with PES 3 Quality Management for Firms that Perform Audits or Reviews of Financial Statements or Other Assurance or Related Services Engagements (aka ISQM 1) and […]

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News

ISA 315 Overview – Understanding the Entity and Environment and Controls

We’ve talked about risk assessment, professional scepticism, responding to identified risks, and the business model in terms of ISA 315 (revised 2019). But the bulk of the actual requirements of the standard (paragraphs 19-27) relate to, as the heading puts it: ‘Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework […]

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News

ReviewTools by Audit Assistant

Ever wish you could take your current complex review and documentation processes and put them into one bespoke, secure, elegant online solution without spending hundreds of thousands of dollars? Now you can. Or go next level and become a provider of that content, reselling it to other firms in your industry? This is what ReviewTools […]

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News

Changes in the Wind – Reporting for small not-for-profits in NZ

For those who prepare and audit financial statements for “small” (under $2m expenditure) charities and other not-for-profits, there are some important changes coming up. We have made a summary with some commentary about how we think this will impact the sector. In New Zealand, these smaller entities are very common – there are about 30,000 […]

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Ideas

Instituting continuous improvement practices

Kaizen, also known as continuous improvement, is a long-term approach to work that systematically seeks to achieve small, incremental changes in processes in order to improve efficiency and quality. Kaizen can be applied to any kind of work, but it is perhaps best known for being used in lean manufacturing and lean programming. If a […]

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News

ISA 315 Overview – Understanding the Business Model

The concept of understanding an entity’s business model, including how it uses Information Technology (IT) is new in ISA 315 (Revised 2019). Understanding the business model sounds like child’s play, but in the context of exploring inherent risks, it presents a powerful tool to understand the entity. Paragraph 19(a)(i) tells us that: The auditor shall perform […]

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News

ISA 315 Overview – Automated Tools and Techniques

Remember CAATs? This was an acronym for Computer Assisted Audit Tools – a general category for all things computery that helped us work with more efficiency and power. Now that virtually all we do uses a computer, ISA 315 (Revised 2019) does not refer to CAATs but to Automated Tools and Techniques (ATTs). This kind […]

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News

New Annual Family Trust Review Tool

Does your firm administer any family trusts? Then you will no doubt be aware of the increased requirements under the Trusts Act 2019 for ensuring all the data about the Trust is up to date. To help achieve this, we have, in collaboration with a large local Accountancy firm, developed a simple questionnaire to be […]

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News

ISA 315 Overview – Risk Responses

The next concept, expressed in paragraph 8 of ISA 315, is a reminder that our audit work must be framed in terms of responses to risks of material misstatement (RoMM). This is not new, but it is critical to making our audit file “sing”. The first part of paragraph 8 states that “ISA 330 requires […]

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News

ISA 315 Overview – Iterative and Dynamic

Let’s face it, auditing can be like herding cats. There are so many factors that must be considered simultaneously that it’s really impossible to proceed through anything but the most basic job without new facts emerging, new risks surfacing, and expectations changing. We try to nail this down and not miss anything, with our programmes […]

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