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 […]
Mastering ASQM 1 & 2: New Australian Quality Management Standards
What Has Changed 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, marking a significant evolution of the existing quality control standards used by audit practitioners. In addition to […]
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 […]