Group Audit Timelines

2023-06-01T13:48:16+02:00

Group Audit Timelines Although auditors often end up doing group audits at some point, surprisingly, many of them don't realise the importance of adhering to timelines during the audit. Generally, group auditors perform the fieldwork and conclusion work first, and only later include planning working papers and group instructions to complete the audit file. They do this at their peril, as group and component auditors may not identify and respond to all risks during fieldwork. Pre-engagement and planning The key considerations of a group audit are: • The quality of evidence to be obtained for the [...]

Group Audit Timelines2023-06-01T13:48:16+02:00

Evaluating the System of Quality Management

2023-01-31T22:14:20+02:00

Evaluating the system of quality management In the past year, firms have been making a significant effort to update their systems of quality management and start implementing the new risk-based standards of managing quality. Throughout this coming year, firms will perform the first round of monitoring to determine whether they are complying with their updated systems. The final step of implementing the new standards must not be overlooked, namely evaluating the system of quality management. Evaluating the system The individual or individuals carrying the ultimate responsibility and accountability for the system of quality management, normally [...]

Evaluating the System of Quality Management2023-01-31T22:14:20+02:00

Resources, information and communication

2023-01-31T22:11:24+02:00

Newsletter April Significant Risk Assessment When considering whether appropriate resources are available to perform engagements, practitioners have traditionally only considered human resources available within the firm. The new quality management standards expand on this, however, by requiring firms to also consider the technological and intellectual resources available. Firms should also consider whether appropriate resources are available to maintain their quality management system; they should establish an information system to support the operation of their quality management system, and ensure that the necessary communication takes place internally and externally. Firm-level considerations ISQM 1 para 32 requires [...]

Resources, information and communication2023-01-31T22:11:24+02:00

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