Audit AssistantIn assisting a range of Audit firms with their Quality Control I get to see quite a few files for review, mostly Tier 3 charities. There are a number of common areas where improvements could be made. We explore some of these below: Qualification for cash income It is still common for audit reports for […]
Read moreAudit 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 […]
Read moreIs 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 […]
Read moreWe’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 […]
Read moreEver 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 […]
Read moreKaizen, 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 […]
Read moreThe 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 […]
Read moreRemember 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 […]
Read moreThere’s a new Act in town. And some people aren’t happy, claiming that this could be an ‘extinction event’ for many small clubs. The 1908 Act was predictably relaxed, out of step with modern regulation and reporting, so an update was needed. So what does the new Incorporated Societies Act entail for these entities, and […]
Read moreDoes 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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