Audit AssistantAs I’m reviewing audit files I like to feel as if I’m reading a thriller, or at least a mystery story. The introduction sets the scene, including the characters and their world. Then we start to see the stakes – what is at risk? What do the characters want? What dangers are there that our […]
Read moreAnyone who has been audited or who carries out audits know that there has been significant creep in requirements and subsequently costs over the least decade or so. This has made the other alternative – the Review Engagement – an alternative worth considering. What is a Review Engagement? It is a high-level assessment of financial statements by […]
Read moreWhat 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 […]
Read moreWhat 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 […]
Read moreJust 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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