MODIFIED AUDIT OPINION VS MODIFIED AUDIT
The Auditor’s Report is the auditor’s primary means of communication with an entity’s stakeholders as such, it has to be meaningful and …
UNDERSTANDING & IMPLEMENTING THE INTERNATIONAL STANDARD OF QUALITY MANAGEMENT (ISQM) 1 FOR SMALL & MEDIUM PRACTICES
The deadline for the design and implementation of a firm’s system of quality management (SQM) under ISQM 1 of 15 December 2022 is fast approaching. ISQM 1 (together with ISA 220 (revised) and …
IMPLEMENTING ISQM 1 & ISA 220(R)
The Quality Control Standard, ISQC 1 has been implemented since 2006 for firms that perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements.
AUDIT DOCUMENTATION TO MEET PR EXPECTATIONS
Over the years, the authorities have continued to monitor, review and refine its strategies in light of the developments and circumstances that affect its surveillance programmes and consider improvements and …
TAX COMPLIANCE AND TAX PLANNING WORKSHOP FOR PROFESSIONALS
Inland Revenue Board (IRB) has increased its efforts to increase revenue and to make taxpayers more compliant and therefore have been issuing notices and assessments
ISQM1 – THE PROCESSES (FRAP & MRP)
With a view to bringing a modern and holistic approach to quality, ISQM 1 requires the firm to perform a Risk Assessment Process to identify and …
UNDERSTANDING AND AUDIT OF ACCOUNTING ESTIMATES & IMPAIRMENT
The financial reporting framework for small and medium enterprises (SMEs) over the past few years have seen more frequent use of estimations used in measurement & recognition
TEST OF CONTROL VERSUS SUBSTANTIVE PROCEDURES
The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the assessed risks
of material misstatement, through appropriately responding to the risks identified.
COMPLETION PROCEDURES IN AN AUDIT OF FINANCIAL STATEMENTS
Auditors play a crucial role during the audit finalization and completion stage to ensure that all key matters and procedures are properly addressed and …
USING ANALYTICAL PROCEDURES IN AUDIT
Analytical Procedures have been part of the audit process for decades, but many auditors fail to understand their objectives or how these procedures should be properly applied for substantive testing, resulting in many audit deficiencies, some of which are serious.