Internal and External Auditing: Why Are Both Important?
Let’s dive into internal and external auditing. If you’re running a business or are part of a business leadership team, you’ve likely encountered internal and external audits. Perhaps you have even been involved in one or both. But do you fully understand what distinguishes them and why they could both be important to your business? […]
Technological Transformation – Update on AI and Data Analytics
Are Audit Firms Ready for the AI Revolution? The advent of artificial intelligence (AI) and data analytics is revolutionising various industries, and external auditing is no exception. These technologies are transforming traditional audit processes, enabling auditors to enhance their workflows, add significant value to clients, and address financial issues more effectively. Audit firms must stay […]
Navigating the Tightrope of Auditor Independence: A Closer Look
In the labyrinth of financial reporting and corporate governance, auditor independence stands as a beacon of trust and integrity. However, recent controversies around independence have thrust the delicate balance of auditing and consulting services into the spotlight, raising critical questions about the integrity of financial audits. Both Australian and international regulatory bodies have been looking […]
Mastering Workflow Management in Audit Firms
Mastering workflow management stands as the cornerstone of success for audit firms. Beyond mere scheduling of work, it serves as a catalyst for client satisfaction and team effectiveness, especially in today’s fast-paced audit landscape where adaptability is paramount. Here are eight (8) key strategies to master workflow management in your Audit Firm: Review and Refine […]
Are Audit Spin-offs Still on the Cards for Consulting and Accounting Firms?
The co-mingling of audit and non-audit services, especially within prominent accounting firms like the “Big Four,” has stirred the pot of debate globally and in Australia. Remember the shockwaves of the Enron scandal and Arthur Andersen’s downfall in the 2000s? It highlighted potential conflict of interest concerns, pushing the industry to rethink their structures. Since […]
Building Strong Client Relationships: Best Practice for Audit Firms
Audit practices, like many other businesses, thrive on forging robust relationships with clients. A recent review of client relationships identified the following key challenges: Undefined mutual expectations Vague communication protocols Unrecognised changes in work scope Services falling short of client expectations Misaligned fees for services rendered Perception of commoditised service Delayed issue resolution The foundation […]
5 Key Steps to Manage Fee Pressure with Audits
External audits are often seen by many businesses as a mandatory legislative requirement rather than a value-added service. However, leading audit firms recognise the audit process can offer more than just an independent review of financial statements and accounting records. Despite this understanding, the challenge of fee pressure looms large, particularly when audits are perceived […]
Why auditors should pay attention to AI
The rise of artificial intelligence (AI) has become a topic of discussion in various fields, including professional practice. Among the professions which are expected to be significantly impacted by AI are the accounting and assurance professions. The launch of Chat GPT in November 2022 has stirred interest and speculation about the present and future impact […]
ASIC Publishes Insights from the Reportable Situations Regime: What Financial Service Businesses Need to Know
ASIC has published the first round of data received from financial services and credit licensees under the reportable situations regime. ASIC Commissioner Sean Hughes noted the importance of this publication, saying. “This report provides crucial insights into how well industry is monitoring and responding to non-compliance under the reportable situations regime. The data ASIC has […]
Upcoming Changes in Quality Management & Risk Assessment Standards – Is Your Audit Practice Ready?
What’s Changing and When? In March 2021, the Australian Audit Standards Board (AUASB) released three (3) revised Quality Management Standards: These standards have been revised to promote a robust, proactive, scalable, and effective approach to quality management, and to mark a significant evolution of the existing quality control standards used by audit practitioners. The purpose […]
