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 […]
The Changes Impacting SMSF Audits You Need To Know For FY22
Several changes were made to Superannuation from 1 July 2021 which may impact the audit of your SMSF clients this financial year. SMSF auditors and those in the financial services industry would do well to familiarise themselves with some of the most recent changes impacting the industry for FY22 reporting. We will cover some of […]