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News in the LEAF Training Division.

Risk and Sample Sizes

2021-09-19T17:36:19+02:00

Risk and Sample Sizes The whole focus of an audit hinges on the risk of material misstatement, and the limited resources and time to detect any misstatement. Therefore, the risk of misstatement is assessed, and limited testing performed based on the risk assessed and the measure of accuracy of the results of the tests desired. ISA315 (and its revision) steers clear of explaining the practicalities of applying risk assessment to sample sizes and the audit approach. In this article, we attempt to address this gap. [...]

Risk and Sample Sizes2021-09-19T17:36:19+02:00

The new face of quality management

2022-09-12T14:33:25+02:00

The new face of quality management There has been significant activity in the quality management arena over the past few years, culminating in the approval of the set of new quality management standards at the September 2020 IAASB meeting. Subject to final approval by the Public Interest Oversight Board later this year, it is anticipated that the standards will be issued by the end of the year and that the profession will have 24 months to implement the changes introduced with these new standards. Key changes The set of [...]

The new face of quality management2022-09-12T14:33:25+02:00

Electronic Signatures

2021-09-19T17:36:32+02:00

Electronic Signatures In the audit profession, signatures are used for a variety of reasons, including for representations from clients, signing off working papers, and signing the audit- and other reports. With the onset of COVID-19 and the ‘new normal’ of auditors working remotely from users of their documents, electronic signatures have emerged as an important issue to ensure that the form of signature is appropriate for the purpose used. Key requirements The IRBA has issued a request for comments on a proposed explanatory memorandum. The considerations it presents, as well [...]

Electronic Signatures2021-09-19T17:36:32+02:00

Internal Control – We revisit the concepts

2021-09-19T17:36:44+02:00

Internal Control – We revisit the concepts When thinking about internal control, and its relationship to risk assessment and the ISA 315 standard, we consider it equal to a first-year university auditing subject, and not really an area of concern when it comes to compliance and regulation, since most small-to-medium sized firms insist on following a substantive approach in auditing and do not give internal control as a risk assessment tool the required attention. Important definitions and concepts The definitions of the concepts and [...]

Internal Control – We revisit the concepts2021-09-19T17:36:44+02:00

Transactions that are not at arm’s length

2021-09-19T17:36:53+02:00

Transactions that are not at arm’s length Due to the prevalence of fraud over the past few years, the IRBA issued a staff audit practice alert in June 2020 to provide auditors with guidance and considerations, with respect to transactions that are not at arm’s length, and the possible audit responses to the resulting audit risks. This article provides a summary of the key aspects addressed in the IRBA staff audit practice alert and encapsulates the message in simpler terms. Please remember to also [...]

Transactions that are not at arm’s length2021-09-19T17:36:53+02:00

Fraud – IRBA Staff Audit Practice Alert 4

2021-02-26T10:50:33+02:00

Fraud - IRBA Staff Audit Practice Alert 4 The IRBA issued a staff audit practice alert in June 2020 to provide auditors with implementation guidance in responding to the risks of material misstatements due to fraud and/or non-compliance with laws and regulations. As is normally the case, this publication is quite lengthy and written in a format which makes it difficult for a practitioner to read and analyse in one sitting.This is a shorter interpretation of the alert to reduce the volume thereof and to highlight [...]

Fraud – IRBA Staff Audit Practice Alert 42021-02-26T10:50:33+02:00

Newsflash: IFAC Practice transformation action plan

2020-06-22T16:58:02+02:00

Newsflash: IFAC Practice transformation action plan Welcome to the Fast-Future We will not recognise the accountancy profession in the next 10 years. Actually, the fact of the matter is that it will probably be in the next five years. —Barry Melancon, President & CEO, American Institute of CPAs and CEO, Association of International Certified Professional Accountants We live in a dynamic, fast-paced world. Accenture predicted that advances in robotics would automate, or eliminate 40% of basic accounting roles by 2020. Within 10 years, robots [...]

Newsflash: IFAC Practice transformation action plan2020-06-22T16:58:02+02:00

Newsflash: COVID-19 and force majeure

2020-06-22T08:45:46+02:00

Newsflash: COVID-19 and force majeure Will the coronavirus (COVID-19) constitute a force majeure event under South African law? The answer to that is that it depends on the circumstances. The virus has been declared a pandemic by the World Health Organisation and is causing unprecedented economic chaos internationally, owing to the closure of businesses and consequent disruption of global supply chains. On a local level, it is disrupting retailers, restaurants, service providers such as taxi services, and local businesses. These disruptions may make it [...]

Newsflash: COVID-19 and force majeure2020-06-22T08:45:46+02:00

Assembly and Lockdown of the Audit File

2020-06-22T08:45:40+02:00

Assembly and Lockdown of the Audit File Typically, the audit engagement reaches its climax upon signing the audit report and related documents, and delivery to the client. Habitually, and due to human nature, auditors tend to consider the job done and the procedures needed to be performed in compliance with audit standards, already completed. There are three types of possible actions after the audit report date, namely 1. Audit Procedures Before we look at the type of audit procedures that may be warranted after [...]

Assembly and Lockdown of the Audit File2020-06-22T08:45:40+02:00

Subsequent events – COVID

2020-05-20T15:29:40+02:00

SUBSEQUENT EVENTS – The Topic We All Jumped to with the COVID Virus Lockdown, without Reading the Standard Subsequent events — the topic we all jumped to when the COVID-19 virus hit and the lockdown became a reality. How difficult can it be? Look at your adjusting and non-adjusting events and move on. And, of course, this strategy may be applied to all engagements not completed yet. Thank God, you say, the completed engagements have fallen outside the net. Not true. A scenario which was seldom relevant in the past, and hardly ever received any attention, has now hit us without us [...]

Subsequent events – COVID2020-05-20T15:29:40+02:00

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