Blog

Recent blogs created by SmartAudit

Practical articles on audit quality, audit evidence, ISQM and modern audit workflows.

SmartAudit - A year look back

We hope this newsletter finds you well. We wanted to take a moment to share with you the progress we have made and also some of the exciting things we have been working on over the past year to improve Smart Audit and introduce a new product called Compliance Box .

Smart Audit Team · 2 min read

ISQM

ISQM – What else beyond Compliance?

Implementing a quality Management system in the firm can go beyond a compliance exercise. Immense long-lasting benefits can be derived from the optimized processes and quality improvement. Below are some of the reasons ISQM can bring business value in long run and you can make the most out of the time and resources invested in this exercise.

Smart Audit Team · 2 min read

ISQM

Key areas to address for ISQM Implementation

Governance and Leadership serves as the framework for how the firm’s decisions are made. The tone set at the top will drive the firm personnel behavior in every small or bigger decision. How the senior management reacts or act in certain circumstances, will flow into the firm’s culture. Basically the commitment to quality should be reflected in firms’ strategy, operational activities, and business processes.

Smart Audit Team · 5 min read

Practice Growth

Ready to be an Auditor of your own firm!

We heard from many firms about the concern they have in in ISQM Implementation. To some, it feels like an extra compliance requirement which will only take additional hours of their existing resources. While to some partners, this whole concept of Implementation of ISQM feels like a new project.

Smart Audit Team · 3 min read

Practice Growth

Five practical suggestions to supercharge your audit practice

Biggest bottleneck or limiting factor in a small practice is time. Partners end up spending lot of time in monitoring and reviewing audit work. They hardly get any time to focus on marketing their services. If they decide to actively invest in building a solid middle management layer, they can take out time to actively market and grow their practice.

Smart Audit Team · 2 min read

Audit Quality

Audit Evidence - How to get it right

Evidencing the audit work is the most common area in which audit files fail to meet the Auditing Standards requirements. This is either through not completing the work set out at the planning stage of the audit, or failing to effectively record the work that has been undertaken. Reports by ACRA and ISCA consistently flag these issues as being of concern, especially among Small and Medium Sized Practitioners (SMPs).

Smart Audit Team · 3 min read

Audit Quality

Top 5 tips to improve Audit Quality

It is essential that auditors are able to note and document evidence properly in their notes. A good quality audit starts with proper documentation of planning, risk assessment and internal controls. After risks have been identified and documented, it is essential to perform audit procedures to minimize these risks.

Smart Audit Team · 1 min read

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