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Audit Quality and Documentation

INTRODUCTION

ISA 220 (Revised) was revised to strengthen and modernise an audit firm’s approach to carrying out quality audits. It sets out the
specific responsibilities of the auditor regarding quality management at the engagement level and the related responsibilities of the engagement partner.

ISA 230 sets out the auditor’s responsibility to prepare audit documentation for an quality audit of financial statements, namely
the record of audit procedures performed, relevant audit evidence obtained, and conclusions reached. Appropriate audit documentation, albeit does not guarantee quality, plays an important contributing role in determining Audit Quality.

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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.

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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 …

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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

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