Shared Perspectives

Fresh thinking and updates from our team to yours

What we're learning, building, and thinking about right now.

ISA 210 in Practice - Acceptance and Continuance decisions

Why ISA 210 is the most underestimated standard in the audit file. Four regulator cases from the SEC, NFRA and FRC show what happens when acceptance and continuance is treated as paperwork, and how the six steps of ISA 210 close that gap.

12 min read

Audit Insights

Audit Failures: Big Un Limited (Big Review TV) - Australia

How Big Un Limited booked a financing arrangement as revenue, and how a $12,005 clearly trivial threshold kept a $12,000-per-invoice revenue stream out of audit scope. A case study in ISA-based audit lessons.

11 min read

Audit Sampling

Audit Sampling Under ISA 530: Random Sampling vs Monetary Unit Sampling

ISA 530 audit sampling explained: how random sampling and monetary unit sampling (MUS) differ, what drives sample size, and how to validate the population, evaluate errors and document your audit sample.

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.

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.

5 min read

ISQM

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.

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.

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).

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.

1 min read

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