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Special Purpose Reporting – what’s the right audit opinion?

What is the issue here? When a casual reader reads an audit report they expect to see a phrase that says something like “true and fair” or the more recent “fairly presented”. These are the words that indicate a “clean” report – so no need to read all the other boring detail! The problem is […]

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Emerging External Reporting (EER) – what is it and why should we care?

What is EER? The IAASB says: …EER refers to emerging forms of external reporting by entities that increasingly provide non-financial information that goes beyond the traditional (financial statement) focus on the entity’s financial position, financial performance and impact on its financial resources. More and more entities are broadening out on what they report in their annual […]

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What are agreed upon procedures engagements and when should they be used?

Just the facts! As the name suggests, Agreed Upon Procedures (AUP) engagements are a type of assurance engagement that focusses on factual findings, and as such is probably the simplest form of assurance. The practitioner is asked to verify a question of fact, and their work simply answers that question.  The International Federation of Accountants […]

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