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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

Pending Disciplinary and Finalised Investigation Matters

2026-04-29T13:27:40+02:00

LATEST UPDATE Pending Disciplinary and Finalised Investigation Matters In the latest issue of IRBA News, Issue 73, eight disciplinary matters pending disciplinary hearings and 22 finalised investigation matters were reported. Current open matters involve eight categories of improper conduct. The most common charge is failure to exercise due care and skill. Other frequent charges include insufficient appropriate audit evidence, dishonesty and integrity issues, as well as non-declaration of assurance work. Tax and accounting issues, independence, the Prevention and Combating of Corrupt Activities Act, and executor or trustee duties make up the remaining categories. In several [...]

Pending Disciplinary and Finalised Investigation Matters2026-04-29T13:27:40+02:00

Highlights from the March 2026 IAASB Meeting

2026-04-29T13:23:42+02:00

LATEST UPDATE Highlights from the March 2026 IAASB Meeting During the IAASB quarterly board meeting, available on: https://www.iaasb.org/meetings/iaasb-quarterly-board-meeting-0, the following was approved: The exposure draft of ISRE 2410 (Revised), available on: https://www.iaasb.org/consultations-projects/review-interim-financial-information-isre-2410 This will be published for public consultation in early May, with a 120-day comment period. The Technology Quality Management Workstream Action Plan to Develop Non-Authoritative Material, available on: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.iaasb.org/_flysystem/azure-private/2026-03/0260316-Agenda-Item-3F-Approved-Tech-QM-Action-Plan.pdf This sets out the scope, approach, governance, and timeline for developing non-authoritative materials to support consistent and effective application of our quality management standards when technological tools enabled by emerging technologies are used in [...]

Highlights from the March 2026 IAASB Meeting2026-04-29T13:23:42+02:00

Photographic Evidence

2026-04-01T10:31:09+02:00

When an auditor obtains photographic evidence to support audit procedures, the requirements for audit evidence need to be considered, i.e. Sufficient and appropriate Relevant and reliable Accurate and complete Sufficiently precise for purpose It should be kept in mind that evidence is persuasive, rather than conclusive. ISA 200 para 5: ‘As the basis for the auditor’s opinion, ISAs require the auditor to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. Reasonable assurance is a high level of assurance. It is [...]

Photographic Evidence2026-04-01T10:31:09+02:00

Key Audit Issues and Emerging Trends in Financial Reporting Compliance

2026-03-31T16:37:47+02:00

Your Content Goes Here Verification of compliance with the financial reporting framework Auditors frequently make use of disclosure checklists to verify compliance with the requirements of the relevant financial reporting framework. When making use of such checklists, it is very important to document the auditor’s considerations in support of the ‘Yes’, ‘No’ or ‘N/A’ answers provided. If there is no or insufficient support documented, the audit work is not re-performable, which is non-compliant with ISA 230 and makes it very difficult to check whether conclusions documented are correct under the circumstances. Incorrect conclusions regarding compliance with the financial reporting [...]

Key Audit Issues and Emerging Trends in Financial Reporting Compliance2026-03-31T16:37:47+02:00

The Rabbit Hole of Substantive Testing

2025-11-04T13:02:54+02:00

What’s News? Your Content Goes Here For decades now, audit firms, especially small firms, or SMPs, as they are known nowadays, have insisted on the substantive approach, without any regard for controls. This was due to fears of blowing the budget, not knowing how to audit systems, or deciding that they would have to go substantive anyway, when controls prove to be ineffective. The result was that the audit client received less bang for their buck, in that feedback on system weaknesses was shoddy, and risks were not properly identified, as the requirements of ISA315 were interpreted as that [...]

The Rabbit Hole of Substantive Testing2025-11-04T13:02:54+02:00

Taking responsibility for quality on the engagement – Partner or EQR

2025-09-29T18:47:10+02:00

What’s News? Your Content Goes Here With the implementation of quality management systems to comply with ISQM, audit firms are compelled to be aware of threats to the ability of engagement teams to issue appropriate audit reports, and threats to the system of quality management to ensure that the firm as a whole does not issue inappropriate audit reports. When an engagement partner is nervous about a new industry, a very large client, or a complex audit, as examples, this would be seen as a threat. Typically, these threats require immediate attention, and engagement monitoring reviews will address [...]

Taking responsibility for quality on the engagement – Partner or EQR2025-09-29T18:47:10+02:00

Auditor and AI–How the Documentation Fixation will Blow Up in Our Faces

2025-08-26T11:05:22+02:00

What’s News? Your Content Goes Here Auditors are all excited about the advancements in AI, and are scrambling to implement this tool in the enhancement of their procedures on the one hand, while trying to figure out policies to curtail its abuse, and guide its proper use, on the other. In the meantime, they don’t have a clue about where its boundaries are, and what it is capable of. The intention is not to give you the solution to any of these mentioned dilemmas, but to pull you back to two basic audit and audit regulation principles. The [...]

Auditor and AI–How the Documentation Fixation will Blow Up in Our Faces2025-08-26T11:05:22+02:00

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