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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

Summary of Upcoming LCE Standard

The 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 2024 and should be a game-changer for the […]

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News

Good news for less complex entity audits

Following 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 […]

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News

Australian Auditing Plans

Our current Australia-specific content includes: More content is being released. We provide help for onboarding, client migration and setup, training modules, and ongoing review to ensure firms are using the templates well. We also specialise in working with our clients to make custom content specifically for their firm approach, and even reseller accounts for similar […]

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News

Is this document real? Ensuring digital security and authenticity of PDFs

With remote and paperless auditing becoming much more common, a number of threats and opportunities arise. This article considers the use of Adobe DC Pro as both a great tool for authenticating and securing documents for signing, and also how it can be used maliciously to tamper with PDFs. How safe are PDFs? Many auditors […]

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News

Service Performance Reporting for Larger Charities

Larger charities are becoming seriously focused on preparing service information in a way that is meaningful, compliant with the standards, and able to be audited without too much drama. It is important that charities see this task, not as an onerous burden but as a positive experience that enables them to tell their wider story. […]

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