Your Content Goes Here Firms that have not adopted and implemented ISQC1 fully by now are at a disadvantage and need to catch up quickly to fully implement ISQM1, ISQM2 and ISA220 (revised); otherwise, in my opinion, they run the risk of their audit divisions being out of business in a few years. Even though it may be seen as ‘just more compliance’, it should be approached from the point of view of accountants trying to assist you by telling you how to run your business. From a business point of view, you would want everything to be well [...]

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 [...]

Your Content Goes Here Talent Exodus Qualified CAs and RAs have been leaving the country at a steady pace, which has accelerated over the past year. This has involved RAs or potential RAs leaving a firm altogether, or joining the same firm in another country. The firms bearing the brunt of this are small firms, as the large networks are replacing staff by recruiting talent from small firms. The reason for this is not only financial, but also due to the global trend of young professionals moving around and not staying in one place for [...]