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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

Transactions that are not at arm’s length

2021-09-19T17:36:53+02:00

Transactions that are not at arm’s length Due to the prevalence of fraud over the past few years, the IRBA issued a staff audit practice alert in June 2020 to provide auditors with guidance and considerations, with respect to transactions that are not at arm’s length, and the possible audit responses to the resulting audit risks. This article provides a summary of the key aspects addressed in the IRBA staff audit practice alert and encapsulates the message in simpler terms. Please remember to also [...]

Transactions that are not at arm’s length2021-09-19T17:36:53+02:00

Fraud – IRBA Staff Audit Practice Alert 4

2021-02-26T10:50:33+02:00

Fraud - IRBA Staff Audit Practice Alert 4 The IRBA issued a staff audit practice alert in June 2020 to provide auditors with implementation guidance in responding to the risks of material misstatements due to fraud and/or non-compliance with laws and regulations. As is normally the case, this publication is quite lengthy and written in a format which makes it difficult for a practitioner to read and analyse in one sitting.This is a shorter interpretation of the alert to reduce the volume thereof and to highlight [...]

Fraud – IRBA Staff Audit Practice Alert 42021-02-26T10:50:33+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

Practical implications of the new IRBA Code

2020-03-02T12:11:20+02:00

Practical implications of the new IRBA Code Practical implication of the new IRBA code The new IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) (IRBA Code) came into effect recently, but not all registered auditors understand the practical implications thereof. This article sets out important practical areas to consider to ensure ethical compliance. When does what apply? The effective dates relevant to the new IRBA Code are as follows: • Parts 1 & 3: 15 June 2019 • Part 4A & [...]

Practical implications of the new IRBA Code2020-03-02T12:11:20+02:00

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