Events

INTRODUCTION
ISQM 1 (together with ISA 220 (revised) and ISQM 2) strengthen and modernise an audit firm’s approach to quality management by addressing an evolving and increasingly complex audit ecosystem, including growing stakeholder expectations and a need for quality management systems that are proactive and adaptable. The standard encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements it performs. ISQM 1 applies to all firms that perform engagements under the IAASB’s international standards.

INTRODUCTION
The corner stone of an efficient and effective audit is the planning stage, which unfortunately have been overlooked by public practitioners over the years. This had amongst others, resulted in the inability to identify key risk areas and issues early in the audit, poor prioritisation of significant audit areas and under/over auditing. The Clarity Project had “revitalised” the standards relating to audit planning and risk assessment so as to emphasize the role of planning and risk in the audit process by enhancing the requirements, including related documentation. Increased scrutiny by regulators and professional bodies on public accounting practices has also elevated the importance of planning and risk assessment as a crucial element of the audit approach.

Agreed-upon procedures (AUP) engagements are widely used. The demand for AUP engagements continues to grow, particularly in relation to the need for increased accountability in relation to funding and grants. ISRS 4400 (Revised), Agreed- Upon Procedures Engagements, has been revised to respond to such trends and to promote consistent interpretation and performance of an AUP engagement by practitioners.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.

With the economy in distress due to the COVID-19 pandemic and global instability, one of the most challenging tasks for Auditors in financial reporting is the Audit Completion Process which includes the Evaluation of Final Misstatements, Evaluation of Subsequent Events and the Use of Going Concern Assumption, Management ‘s integrity and their representations, and the impact on the Audit Conclusion.