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.