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Audit of Group Financial Statements – ISA 600 (Revised & Redrafted)

INTRODUCTION
One of the standards that saw significant changes when the Clarified Standards were issued is ISA 600 on the auditor’s responsibility for group financial statements, including considerations when working with components and component auditors. Many best practices in the past relating to group audits have now become explicit requirements as a result of the change to this standard. The revised and redrafted ISA 600 also places enhanced responsibility on the group engagement team/partner, from accepting a group audit engagement, group-wide risk assessment & planning, obtaining sufficient & appropriate audit evidence and group reporting.

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Implementing the International Standard of Quality Management (ISQM) 1 – Emphasis on Monitoring & Evaluation

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.

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PLANNING & RISK ASSESSMENT IN AUDITS OF FINANCIAL STATEMENTS

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.

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ISRS 4400 (Revised) AGREED – UPON PROCEDURES ENGAGEMENTS

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.

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