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Applying Ethics in Practice

2025-03-20T10:03:57+02:00

Webinar: Applying Ethics in Practice   Ethics is at the heart of the audit profession, ensuring public trust and the delivery of high-quality audit services. A strong ethical foundation is essential for auditors to maintain independence and apply professional scepticism effectively. Staying up to date with the latest ethical requirements is not just a responsibility—it is a necessity. Join us for this insightful webinar, where we will explore the latest developments in ethics and provide practical guidance on applying ethical principles in real-world audit scenarios. What You Will Learn This training will cover key ethical concepts, with practical examples to enhance [...]

Applying Ethics in Practice2025-03-20T10:03:57+02:00

Auditing Financial Instruments

2024-10-16T12:42:58+02:00

Auditing Financial Instruments   Best Practices for Auditing Derivatives, Loans, and Securities 📅 Date: Friday 15 November 2024 ⏰ Time: 09:00 - 11:00 [GMT+2] 💷 Cost: R1 060,00 pp | Per firm: R3 000,00 (up to 5); R4 000,00 (6 - 20); R5 000,00 (21 - 50); R6 000,00 (>50) LEAF Members: Discounts available to LEAF monthly members. Talk to us on how to incorporate this into your training budget. 📍 Location: Online Webinar     Overview: Auditors often overlook the importance of auditing financial instruments. Even common balances, such as cash and bank, accounts receivable and accounts payable classify as [...]

Auditing Financial Instruments2024-10-16T12:42:58+02:00

Auditing Financial Instruments

2024-10-16T12:37:36+02:00

Auditing Financial Instruments   Best Practices for Auditing Derivatives, Loans, and Securities 📅 Date: Friday 01 November 2024 ⏰ Time: 09:00 - 11:00 [GMT+2] 💷 Cost: R1 060,00 pp | Per firm: R3 000,00 (up to 5); R4 000,00 (6 - 20); R5 000,00 (21 - 50); R6 000,00 (>50) LEAF Members: Discounts available to LEAF monthly members. Talk to us on how to incorporate this into your training budget. 📍 Location: Online Webinar     Overview: Auditors often overlook the importance of auditing financial instruments. Even common balances, such as cash and bank, accounts receivable and accounts payable classify as [...]

Auditing Financial Instruments2024-10-16T12:37:36+02:00

Improving Audit Quality

2022-05-30T16:01:59+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 Quality2022-05-30T16:01:59+02:00

Review of Audit Files

2021-09-19T17:17:03+02:00

Review of Audit Files In many instances, the review of audit files by audit managers and partners has become more of a chore than an effort to add value and ensure audit quality. Many audit failures might have been prevented, if a thorough review were performed prior to signing the audit report. Performing timely reviews is critical and additional peace of mind may be gained when auditing a higher-risk client, by adding a safeguard in the form of an EQCR or independent file review on higher risk audits. Review basics The key to quality [...]

Review of Audit Files2021-09-19T17:17:03+02:00

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

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

COVID-19 effect on audits

2021-09-19T17:37:28+02:00

COVID-19 Effect On Audits Economies worldwide have been hard hit by the spread of the COVID-19 virus, with direct consequences for the clients of audit firms. Consequently, auditors need to adapt their audit approach for each client by considering the effect on audits as identified by the IRBA, as well as taking the appropriate considerations into account when implementing quality control. Analysis of the effects The effects as identified by the IRBA have been analysed, in order to determine the influence on the audit [...]

COVID-19 effect on audits2021-09-19T17:37:28+02:00

Newsletter November 2019

2020-03-02T12:11:07+02:00

ISA 540 - Estimates ISA 540 - Estimates Even though the standard has been revised, the latest revision will only be effective for periods commencing from 15 December 2019. This means that the current version is still valid and warrants consideration when auditing estimates. The auditing of estimates has been the downfall of many an auditor during regulatory inspections, as the requirements are often overlooked when auditing fair value valuations, impairment considerations, bad debt provisions and depreciation considerations. Very often, these are the areas [...]

Newsletter November 20192020-03-02T12:11:07+02:00

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