The Parliamentary Joint Committee's recommendations for the future of audit stand to enhance transparency and boost confidence in audit without making fundamental changes to how audits are conducted.
After five years of consultation with regulators, standard-setting groups and other key stakeholders worldwide, the Monitoring Group of international financial regulators has released its way forward for revising the governance structure for setting standards in audit and ethics.
Amid the Parliamentary Joint Committee's ongoing inquiry into the regulation of auditing, there are lessons to be learned from the Brydon Review.
CPA Australia’s External Reporting Centre of Excellence members reflect on the impact of COVID-19 on the way audits are being conducted.
How business leaders communicate during times of crisis can create clarity, build resilience, and catalyse positive change on the way to recovery. INTHEBLACK taps into lessons learned from CPA Australia’s External Reporting Centre of Excellence on how to navigate the next stage.
COVID-19 has created business opportunities for some entities, but for many, particularly those reporting in June, there have been negative impacts, resulting in a likely increase in modified auditors’ reports. Understanding the meaning and relative significance of auditors’ modifications and communication will be critical to users of financial reports.
Remote working and travel restrictions are changing the way audits are conducted. Here's how to utilise technology and get the job done.
What concessions have Australian regulators provided to not-for-profits, including charities, incorporated associations, fundraising licensees and companies limited by guarantee during these challenging times? Here’s a guide to the relief provided in various jurisdictions.
As COVID-19 forces many businesses to dramatically change the way they operate and adopt remote working, there are technology solutions that can help auditors stay on top of their game.
Ethics and public interest have long been the basis of an accountant's work, and ongoing regulation changes globally call for increased accountability, transparency and independence.
To reduce the spread of the coronavirus or COVID-19, governments have placed restrictions on the movement of people to and from certain areas and countries. Here we look at the impact on reporting entities and auditors and how authorities are responding.
There is an enormous opportunity in solving the challenge of how to design simpler standards for the audit of less complex entities.
Auditors are under scrutiny in Australia and the UK, but where does their responsibility lie in preventing fraud and company collapse?
The auditing profession is under pressure due to changing expectations, technological shifts and increasing competition; but could these pressures be the catalyst for audit's reinvention?
As the June reporting season looms, auditors have received further guidance on reporting climate change risk.
New technologies have the potential to take over much of the routine compliance work performed by accountants and auditors. How will that affect the accounting profession?
With the Australian Taxation Office (ATO) increasing its compliance activities to reduce what it has identified as an $8.7 billion gap between what it has collected from individual taxpayers and what it should have collected, it may be tempting to consider any old tax audit insurance product. Here’s what accountants should know about junk insurance.
A legal precedent may be set for SMSF auditors after a court found a second auditor responsible for the lion’s share of an SMSF’s losses.
Is there a better way to tackle audit quality concerns? CPA Australia takes a look at the work underway globally. Here's what the issues are.
A healthy dose of scepticism is a necessity for an effective audit but personal and professional barriers often stand in the way. Here's what you need to know.
The ATO is clamping down on SMSF auditors who fail to comply with their obligation to ensure audit independence.
Clients are demanding more from auditors because they know machine processes are available to provide greater insights, the World Congress of Accountants (WCOA) learned.
Data analytics is allowing auditors to check much larger amounts of information and focus on areas of risk.
Auditors of self-managed superannuation funds (SMSFs) have been in the regulatory spotlight since 2013, when registration became a requirement under the government’s Stronger Super reforms.
Will new technologies create opportunities or just challenges for audit? How will data analytics change the auditor’s role? Should auditors be held liable if they miss fraud? This all adds up to interesting times ahead for auditors.
Plans to introduce a three-year audit cycle for compliant self-managed superannuation funds (SMSFs) will fail to reduce compliance costs for trustees and instead could force some auditors out of the market, accounting professionals warn.
A recent New South Wales case highlights and redefines the very high standard of care expected from auditors, accountants and other professionals when providing services.
SPONSORED CONTENT: Can you – or your clients – afford to be audited? We find out why it pays to be prepared.
Should detecting fraud or other major infractions be part of an auditor's professional duty of care or is it a step too far?
The growth in self-managed superannuation funds (SMSFs) shows no signs of slowing, and as the number of funds approaches 600,000, regulators have had to prioritise and set criteria to monitor the sector.
At what point does an auditor decide that a company is at risk of being unable to continue in business – and need to highlight that risk by issuing a “going concern” emphasis of matter in their report?
Many of your clients may not be aware that the entity they manage may not require an audit.
Auditing small entities brings many unique challenges. The applicable auditing and assurance standards for small entities are the same as those for much larger audits. There is no substitute for knowledge of those standards in scaling the approach to each different audit situation.
This podcast tackles the question: is data analytics transforming the audit or is just a new means of gathering the same evidence as in the past?
Professional scepticism is a hot topic for auditing, and new research provides pointers on how to develop it.
The ATO is increasing its focus on SMSF auditors who fail to meet key auditor independence requirements.
The Queensland Audit Office is leading the way on analysing large amounts of complex audit data to unlock insights into government agencies.
The International Auditing and Assurance Standards Board has issued sweeping reforms aimed at increasing the usefulness and transparency of auditors’ reports. These changes have been taken into the Australian standards, effective from 15 December last year. So why the change?
Cochlear – a global leader in the hearing implant market – was among the early adopters of advanced audit reporting in Australia. We speak to Cochlear’s CFO Neville Mitchell about the lessons learnt since adopting the new standards.
New audit reporting rules promise greater transparency, clarity and insights for investors and stakeholders.