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Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism

2025-11-28T14:16:44+02:00

LATEST UPDATE Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism This publication provides insights into practices, guides and considerations that can help external auditors exercise, and maintain their professional scepticism effectively during the audit. It discusses the auditor’s responsibilities to exercise professional scepticism as required by the Public Company Accounting Oversight Board (PCAOB) standards in the US. The publication is available on: https://antifraudcollaboration.org/rota-fraud-exercising-and-maintaining-professional-skepticism/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List [...]

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism2025-11-28T14:16:44+02:00

IAASB Technology Position: Technology Catalogue of Issues and Possible Actions

2025-11-28T14:08:38+02:00

LATEST UPDATE IAASB Technology Position: Technology Catalogue of Issues and Possible Actions As part of the IAASB’s Technology Position, ongoing gap analyses are conducted to ensure standards keep pace with technological developments. This Technology Position is available on: https://www.iaasb.org/publications/technology-position-statement The findings of these analyses are captured in this Catalogue of Issues and Possible Actions. This living document serves as the IAASB’s cross-functional repository for technology-related issues, drawing on stakeholder feedback, outreach activities, and other inputs. It is updated at least semi-annually, or more frequently as needed. The catalogue supports a holistic approach to technology-related developments [...]

IAASB Technology Position: Technology Catalogue of Issues and Possible Actions2025-11-28T14:08:38+02:00

Applying Ethics in Practice Webinar

2025-11-04T13:41:10+02:00

Back by popular demand. A practical ethics webinar for accounting and audit professionals. What You Will Learn Ethics plays a fundamental role in acting in the public interest and delivering quality audit services. Ethics also forms an integral part of the audit profession’s code of conduct and requires proper knowledge by all participants in the profession. Auditors can only apply an appropriate level of professional scepticism during audits, if they are independent. It is, therefore, crucial for auditors to always be aware of the latest changes in the ethics landscape, and understand how to apply [...]

Applying Ethics in Practice Webinar2025-11-04T13:41:10+02:00

Pending Disciplinary and Finalised Investigation Matters

2025-11-26T12:21:36+02:00

LATEST UPDATE Pending Disciplinary and Finalised Investigation Matters In the latest issue of IRBA News, Issue 71, six disciplinary matters pending disciplinary hearings and 16 finalised investigation matters were reported. Current open matters involve eight categories of improper conduct. The most common charge remains insufficient appropriate audit evidence. Other frequent charges include dishonesty and integrity issues, as well as failure to exercise due care and skill. In several investigation matters, among others, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; material misstatements were not appropriately identified, evaluated and addressed; a risk [...]

Pending Disciplinary and Finalised Investigation Matters2025-11-26T12:21:36+02:00

External Auditor Assessment Tool: A Tool for Audit Committees

2025-11-26T12:27:04+02:00

LATEST UPDATE External Auditor Assessment Tool: A Tool for Audit Committees The Centre for Audit Quality (CAQ) issued a targeted assessment tool that audit committees can use to evaluate whether to retain the external auditor. The questionnaire focuses on four key areas: service quality and resources, communication effectiveness, and the auditor’s independence and objectivity. Constructive, two-way dialogue with the auditor strengthens audit quality and committee oversight. The evaluation should cover the auditor’s qualifications, firm-wide quality practices, transparency, and professional scepticism. The tool is available on: https://www.thecaq.org/external-auditor-assessment-tool-a-tool-for-audit-committees/ more LEAFQuest Advance [...]

External Auditor Assessment Tool: A Tool for Audit Committees2025-11-26T12:27:04+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

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