Improving Audit Quality

2022-04-06T08:48:53+02:00

Improving Audit Quality Annually, audit firms invest vast quantities of blood, sweat and tears in delivering quality auditing and related services to their clients. Yet, audit regulators still report many common audit quality deficiencies in their annual inspections reports, most of which are repeat findings. It is important to root out the causes to make lasting improvements to audit quality, which, in turn, will lead to efficient and profitable firms. Firm-level deficiencies – quality system Firm-wide deficiencies reported on by audit regulators mainly revolve around firm leadership, engagement performance and independence issues. While some improvements have [...]

Improving Audit Quality2022-04-06T08:48:53+02:00

Group audits 3 of 3 – Joint Audits

2022-04-06T08:49:04+02:00

Group audits 3 of 3 – Joint Audits Group audits represent some of the most risky audits to undertake, as most public interest audits comprise the audit of groups of companies. However, the standards and audit principles relevant to group audits do not always receive the detailed attention they deserve, This article addresses audit procedures relating to joint audit engagements, which are often relevant to group audits, and should be read in conjunction with parts 1 and 2 to reach an understanding of group audits as a whole. It addresses key requirements which auditors would be wise [...]

Group audits 3 of 3 – Joint Audits2022-04-06T08:49:04+02:00

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure

2022-01-24T08:06:29+02:00

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure Group audits represent some of the most risky audits to undertake, as most public interest audits comprise the audit of groups of companies. However, the standards and audit principles relevant to group audits do not always receive the detailed attention they deserve. In the discussion of audit procedures, this article EXCLUDES the consolidation process, and should be read in conjunction with parts 1 and 3 to reach an understanding of group audits as a whole. It addresses key requirements which auditors would be wise to include [...]

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure2022-01-24T08:06:29+02:00

Group Audits 1 of 3 ‒ Consolidations

2022-01-24T08:06:52+02:00

Group Audits 1 of 3 ‒ Consolidations Group audits represent some of the most risky audits to undertake, as most public interest audits comprise the audit of groups of companies. However, the standards and audit principles relevant to group audits do not always receive the detailed attention they deserve. This article addresses ONLY audit procedures relating to the consolidation process, and needs to be read in conjunction with parts 2 and 3 to reach an understanding of group audits as a whole. Professional requirements The International Standards on Auditing (ISAs) apply to group audits. ISA [...]

Group Audits 1 of 3 ‒ Consolidations2022-01-24T08:06:52+02:00

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