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Key Audit Issues and Trends in Fraud Risk Discussions

2026-06-05T13:09:09+02:00

Fraud Risk Discussions ISA 240 requires auditors to perform specific procedures as part of the normal risk assessment procedures during audit planning to obtain information relevant to identifying risks of material misstatement, due to fraud. Included in these procedures is a requirement to make enquiries of management and those charged with governance regarding fraud-related considerations. Auditors frequently include very limited evidence of these required discussions on the audit file, with only brief comments by the party interviewed and no further, or inadequate, audit considerations of whether these comments indicate the presence of potential fraud risks that demand further response. [...]

Key Audit Issues and Trends in Fraud Risk Discussions2026-06-05T13:09:09+02:00

Navigating the Path to Audit Excellence: An Overview of the IRBA 2025 Public Inspections Report

2026-06-05T13:16:01+02:00

Every year, the IRBA issues its Public Inspections Report to provide the profession with critical insights into topical deficiencies, and trends identified during the inspection of audit firms and engagements. The 2025 report, which was issued in March 2026, serves as a vital tool for auditors to identify gaps within their own practices and implement the remedial measures necessary to address these gaps. A risk-based inspection approach The IRBA continues to employ a risk-based approach to its inspections. The past cycle addressed inspections through three primary avenues: Theme-based inspections Firm-wide inspections The monitoring of [...]

Navigating the Path to Audit Excellence: An Overview of the IRBA 2025 Public Inspections Report2026-06-05T13:16:01+02:00

Clients’ Use of Service Organisations

2026-04-29T13:31:34+02:00

LATEST UPDATE Clients’ Use of Service Organisations In the latest issue of IRBA News, Issue 73, an article was published on insights and observations on auditing clients' use of service organisations in inspections. The article includes reflections on complexities in audits, where the use of service organisations directly impacts the audit of the user entity's financial statements; references to relevant audit requirements; and common inspections observations. The most common inspections observations include the failure by auditors to identify the use of service organisations, and identification of service organisations without obtaining sufficient audit evidence supporting the [...]

Clients’ Use of Service Organisations2026-04-29T13:31:34+02:00

IFIAR Releases Report on 2025 Annual Survey of Audit Inspection Findings

2026-04-29T13:10:28+02:00

LATEST UPDATE IFIAR Releases Report on 2025 Annual Survey of Audit Inspection Findings The International Forum of Independent Audit Regulators (IFIAR) released a report on the results of its 14th annual survey of inspection findings. These findings arise from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks (the Global Public Policy Committee networks or GPPC networks). IFIAR collected information about two categories of activities: inspections of firm-wide systems of quality control and inspections of individual audit engagements. IFIAR members from 52 jurisdictions contributed to the 2025 [...]

IFIAR Releases Report on 2025 Annual Survey of Audit Inspection Findings2026-04-29T13:10:28+02:00

IRBA Public Inspections Report on Audit Quality 2025 (Issued 2026)

2026-05-15T14:06:53+02:00

Understanding key audit quality findings, trends, and remedial actions Back by popular demand!     Overview The Independent Regulatory Board for Auditors (IRBA), South Africa’s audit regulator, is widely regarded as a leader in audit oversight and regulation. Its Annual Public Inspections Report provides critical insights into audit quality, highlighting common deficiencies, emerging risks, and industry trends identified during firm inspections. In an environment where the audit profession is under increasing scrutiny, maintaining high standards of audit quality is essential. The IRBA report serves as a valuable tool for audit firms to assess their own [...]

IRBA Public Inspections Report on Audit Quality 2025 (Issued 2026)2026-05-15T14:06:53+02:00

IRBA Public Inspections Report on Audit Quality 2025 (Issued 2026)

2026-05-07T10:52:02+02:00

Understanding key audit quality findings, trends, and remedial actions Overview The Independent Regulatory Board for Auditors (IRBA), South Africa’s audit regulator, is widely regarded as a leader in audit oversight and regulation. Its annual Public Inspections Report provides critical insights into audit quality, highlighting common deficiencies, emerging risks, and industry trends identified during firm inspections. In an environment where the audit profession is under increasing scrutiny, maintaining high standards of audit quality is essential. The IRBA report serves as a valuable tool for audit firms to assess their own practices, identify weaknesses, and implement effective [...]

IRBA Public Inspections Report on Audit Quality 2025 (Issued 2026)2026-05-07T10:52:02+02:00

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