Audit Procedures – Related Parties


Audit procedures - Related Parties In certain sections of our monthly newsletters, we may address audit procedures to provide guidance in a format that provides easy reference on engagements. The guidance provided is not exhaustive, and is intended to share observations from real cases of deficiencies on engagement files. Background Over the years, Related Parties has developed as a section of the audit that requires detailed attention. As the required procedures have been modified over time, I believe that the real objective of testing related parties has become unclear. Dependent on the risk and circumstances [...]

Audit Procedures – Related Parties2022-06-30T16:03:01+02:00

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure


Group audits 2 of 3 – Procedures Excluding Consolidation Procedure Group audits represent some of the most risky audits to undertake, as most public interest audits comprise the audit of groups of companies. However, the standards and audit principles relevant to group audits do not always receive the detailed attention they deserve. In the discussion of audit procedures, this article EXCLUDES the consolidation process, and should be read in conjunction with parts 1 and 3 to reach an understanding of group audits as a whole. It addresses key requirements which auditors would be wise to include [...]

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure2022-01-24T08:06:29+02:00

Risk and Sample Sizes


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


Go to Top