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So far Leaf Quality Systems has created 5 blog entries.

Monitoring and remediation

2022-12-13T11:33:58+02:00

Monitoring and Remediation Many auditors underestimate the value of regular and robust monitoring of their systems of quality management, followed by focused remediation. If monitoring and remediation is performed correctly, the firm’s system of quality management is bolstered, which results in improved quality of engagements, and improved staff competence and morale. This, in turn, boosts profitability and client confidence. The evaluation of deficiencies needs to be brutally honest, however, so that the root cause of deficiencies may be properly addressed. Firm-level considerations The firm’s monitoring and remediation process must provide relevant, reliable and timely information [...]

Monitoring and remediation2022-12-13T11:33:58+02:00

Engagement performance

2022-12-06T16:11:29+02:00

Engagement Performance One of the root causes of negative regulatory inspection findings is the lack of appropriate involvement by engagement partners on engagements. There are also many instances where audit documentation does not reflect the application of appropriate levels of professional scepticism when auditing and exercising professional judgment. The new quality management standards place increased emphasis on these important aspects to achieve the appropriate level of engagement quality. Firm-level considerations ISQM 1 para 31 requires firms to establish quality objectives that address the performance of quality engagements, including the following: a. Engagement teams understand and fulfil [...]

Engagement performance2022-12-06T16:11:29+02:00

Resources, information and communication

2022-12-06T16:09:42+02:00

Newsletter April Significant Risk Assessment When considering whether appropriate resources are available to perform engagements, practitioners have traditionally only considered human resources available within the firm. The new quality management standards expand on this, however, by requiring firms to also consider the technological and intellectual resources available. Firms should also consider whether appropriate resources are available to maintain their quality management system; they should establish an information system to support the operation of their quality management system, and ensure that the necessary communication takes place internally and externally. Firm-level considerations ISQM 1 para 32 requires [...]

Resources, information and communication2022-12-06T16:09:42+02:00

Sophisticated accounting

2022-12-06T16:28:17+02:00

Your Content Goes Here Over the last few decades, audit firms have been led down a path of compliance above all else, and, especially small firms, have insisted on holding on to their traditional methods and approach to auditing to limit the risk of making a mistake when interpreting auditing standards. The risk and internal control standard, ISA315, is highly confusing, and the latest amendments have only added to the confusion. Therefore, firms, some of them not so small, have insisted on always using the substantive approach in auditing, regardless of the state of controls and the business model [...]

Sophisticated accounting2022-12-06T16:28:17+02:00

Ethics, acceptance and continuance

2022-12-06T16:10:50+02:00

Ethics, acceptance and continuance 30 September 2022 Ethics is a fundamental concept that needs to be established in an auditing and accounting practice. It cannot merely be given lip service, and should lead to proactively managing the risk of ethical threats and breaches that could inappropriately influence the firm’s compliance with relevant ethical requirements. One of the occasions when ethics may be involved in audit considerations is when deciding whether to accept, or continue with client relationships and engagements. Quality, integrity and independence should be the overriding factors. Firm-level considerations ISQM 1 para 29 [...]

Ethics, acceptance and continuance2022-12-06T16:10:50+02:00

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