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Ideas

Document Management Tools and Audit Assistant

Many firms using Audit Assistant also have specific document management systems for their wider document management and cloud storage requirements. Users have asked us what we support, and what we suggest that they use. A recent survey of our users found an almost even split of Microsoft SharePoint, Google Workspace, FYI, Dropbox and OneDrive, with […]

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News

Updates to audit engagement letters

If you are preparing engagement letters for assurance engagements, there are some changes of which you should be aware. These are contained in PS 3: Terms of Engagement, issued by CAANZ. This applies to professional services entered into after 1 January 2024 (early adoption permitted). What is different about the new standard to what auditors […]

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Ideas

Materiality for Not-For-Profits – what is the best approach?

Many audit firms have their own internal policies and methodologies for setting materiality. However many of our smaller firms struggle with a consistent approach. What is best practice? ISA 320 (para 2) describes materiality as follows: “Misstatements, including omissions, are considered to be material if they, individually or in the aggregate, could reasonably be expected […]

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News

Changes to 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. In New Zealand, these smaller entities are very common – there are about 30,000 of them including some soon to be included in this reporting under the Incorporated Societies Act 2022. […]

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News

What’s different with the new NZ AS1 (Revised)?

I have good news and bad news. The good news is that the new standard for the audit of service performance (NZ AS1 (Revised)) is actually much simpler than the original standard released three years ago. The bad news is the shambles created by rushing through the original standard without proper consultation, deferring it twice, […]

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Ideas

Walk-through tests – are they necessary?

So we have a typical small not for profit: poor division of duties, no real controls apart from two signatories for payments, a review of financial results at irregular board meetings, and the annual Performance Report prepared by external accountants.

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Ideas

Tier 3 charities with revalued assets – help!

So, you are preparing financial statements for a Tier 3 charity – or auditing them – and the board have come up with the bright idea that they will use a revalued amount for land and buildings. The financial position will look better, so funders and members will feel that the entity is secure. What […]

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News

Compiling a file for an audit?

Audit Assistant has been making online collaboration tools for auditors for many years, so we thought why not use this incredible functionality to help accountants who prepare financial statements as well? If you carry out the preparation of financial statements for audit, or review, or just want to have a great paperless compilation process to […]

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News

The latest on the LCE (Less Complex Entities) standard

Is this project that we have all eagerly anticipated actually going to happen? It appears so. I recently attended an IFAC webinar (recording is here) that explained the latest developments. I wrote about this back in 2021 when the draft standard was released. It seems that there has been a bit more clarity as to […]

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