Audit & Assurance

Accounting firms offer a wide range of professional services to their clients, including audit, review, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards or national requirements that have been based on international ones. High-quality international standards increase the comparability, consistency, clarity, credibility, and transparency of financial information. And, high-quality financial information, in turn, increases the stability of the global financial infrastructure. Read More

Implementing the International Standard on Quality Control 1 (ISQC 1): Challenges, Solutions, and Benefits

by Jason Pang, Manager, Quality Assurance, Institute of Singapore Chartered Accountants, and Christopher Arnold, Technical Manager, SME & SMP Affairs, IFAC | July 21, 2014 |

Key points from 2013 interviews of sole practitioners by the Institute of Singapore Chartered Accountants on their experiences implementing Singapore Standard on Quality Control 1, which is based on ISQC 1. Read More

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Audit Quality: More Than Just a Concern for Auditors
by Gary Pflugrath, Director, Public Policy & Regulation, IFAC | June 2, 2014 | 1

While no one would argue that the auditor has the primary responsibility for the conduct of a quality audit for a particular audit engagement, the concept of audit quality within a jurisdiction is a much broader issue. Read More

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What Is the Future of Audit and Assurance? FEE Opens Discussion
by Hilde Blomme, FEE Deputy CEO, and Noémi Robert, FEE Audit & Assurance Manager | May 14, 2014 | 1

As part of its commitment to promoting a public debate on audit and assurance, the Federation of European Accountants (FEE) has published a discussion paper, the Future of Audit and Assurance. The paper lays out initial observations that could result in potential longer-term developments in audit, assurance, and other services. As the start of a journey, this paper examines some areas of development and poses questions. Read More

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European Audit Reform Falls Short on Regulatory Convergence
by Gary Pflugrath, Director, Public Policy & Regulation | April 17, 2014 | 1

Two weeks ago, European Parliament voted on statutory audit legislation, marking the latest stage of the European audit reform process and concluding nearly four years of discussion and debate. While some outcomes will advance the uniformity and quality of audit practices across the European Union, others fell short and will fail to progress global regulatory convergence. Read More

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What is the Future for Assurance and Small Business?
by Paul Thompson, Director, SMP & SME Affairs | April 15, 2014 | 4

In many jurisdictions, perhaps most noticeably in recent years in Europe, the emergence of a “think small first” mentality has resulted in a light touch approach to policy and regulation for small businesses, releasing them from the obligation to have an audit, and from many financial reporting requirements. This begs the question, how can accountants best support small- and medium-sized entities (SMEs)? Read More

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