Audit & Assurance

Working Our Way to Consensus: Internal Controls and the Audit of Smaller and Less-Complex Entities

by Katharine Bagshaw, Technical Manager, Auditing Standards, ICAEW | July 25, 2014 |

Firms can have very different approaches to the requirements of the International Standards on Auditing that address risk, in particular with regard to internal controls. But auditors of smaller and less-complex entities need to understand the design and implementation of internal controls—even when they take a fully substantive approach to the audit. Read More

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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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Supporting the Implementation of International Standards—What’s Next?
by Dawn McGeachy, IFAC SMP Committee Member & Implementation Guidance Task Force Chair and Christopher Arnold, IFAC Technical Manager, SME & SMP Affairs | July 21, 2014 |

IFAC's SMP Committee has developed a suite of comprehensive guides and supplementary resources to help SMPs implement international standards; Take the poll to help the committee guage demand and interest to decide what to develop next.  

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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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