ISQM1 – THE PROCESSES (FRAP & MRP)

By mafa-admin / May 12, 2022

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 assess Quality Risks and has evolved on how a firm addresses Monitoring and Remediation. This includes shifting the focus from inspections of completed engagements, to monitoring the system of quality management as a whole.

This webinar aims to assist audit firms to begin the preparation for transitioning to the new quality management standards which will be implemented from December 2022.

Download Flyer

AUDITORS AND FRAUD

This webinar examines the role of Auditors for detection of Fraud and Errors. It deals with the requirements of ISA 240 and the revised role…

AUDIT OF ASSETS

The audit of assets is a critical area in the audit of financial statements as it involves key resources of a business. As such, auditors…

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…

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 ...

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…

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…

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

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…

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…

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.…

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 ...

CONSIDERATIONS OF SPECIFIC ITEMS IN AN AUDIT (ISA 501), EXTERNAL CONFIRMATIONS (ISA 505) AND INITIAL AUDIT ENGAGEMENTS (ISA 510)

Professional and technical competency is one of the corner stone of the audit profession. As adequate job knowledge is vital for any audit staff to…

PLANNING & RISK ASSESSMENT IN AUDITS OF FINANCIAL STATEMENTS

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…

AUDIT FUNDAMENTALS – CONTROL TESTING, SUBSTANTIVE PROCUEDURES, ANALYTICAL PROCEDURES, AUDIT EVIDENCE & STOCK TAKE OBSERVATIONS AND AUDIT DOCUMENTATION

Professional and technical competency is one of the corner stone of the audit profession. As adequate job knowledge is vital for any audit staff to…

Related Posts