The Power of Communication in Audits: Strengthening Partnerships for Success
In accounting and auditing, technical expertise is vital—but clear communication is the foundation of a seamless audit process. Effective coordination between accounting firms and external auditors ensures smooth information flow, aligned expectations, and early issue identification. Without it, audits can face delays, inefficiencies, and misunderstandings that impact both auditors and clients. At National Audits Group, […]
Navigating ISA 240 Fraud Risk Assessment: Key Updates & Best Practices
Introduction Fraud risk assessment has always been a critical aspect of external audits, ensuring financial statements present a true and fair view of an organisation’s financial position. The ISA 240 fraud risk assessment standard, titled The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, provides auditors with guidance on detecting and responding […]
Preparing for Your First Financial Statement Audit
Preparing for Your First Financial Statement Audit Undertaking your first financial statement audit will be a rewarding process for your organisation. With the right auditor and preparation, financial statement audits are a great opportunity to provide stakeholders with assurance, reliability, and trust. This process improves transparency of financial data, helps develop operational efficiencies, identifies potential […]
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? […]
The Evolution of ASIC’s Audit Oversight: Navigating Towards Enhanced Compliance with Independence and Ethical Standards
The Australian Securities and Investments Commission (ASIC) holds a crucial role in ensuring the integrity and transparency of Australia’s financial markets. Recent reforms in ASIC’s audit oversight program signify a strategic redirection designed to bolster the effectiveness and efficiency of financial auditing, with a focused effort on high-risk areas where the potential for consumer and […]
How To Improve And Maintain Audit Quality – Tips For External Auditors
Achieving a high standard of audit quality is essential to building trust and confidence in the audit profession. However, there is no set definition of a ‘quality’ audit, and many factors influence audit quality. This can make the assessment of audits challenging and subjective. In an environment where external auditors are facing increased scrutiny and […]
Why Accounting Firms Are Seeking the Expertise of Third-Party Auditors
Managing your own auditing services is not always the most cost-effective option for maintaining high quality financial services for your clients. More and more financial professionals are now choosing to give themselves a helping hand by seeking support for their audit engagements. The need for continuous education to keep the firm and staff knowledge up […]
What Does Your Future As An Auditor Look Like?
For many auditing firms or divisions, now is a critical time to reassess the value, cost and risk of continuing to provide independent audit services. The emergence of new audit technology combined with new SMSF Audit Independence Standards have had a profound impact on the way accounting and audit firms view their services and the […]
Evolving Audit Environment resulting from the impact of COVID-19
It is likely that from late 2021, with vaccination rates exceeding 80%, Australian businesses will begin to recover from the financial toll created by COVID-19. However, as government assistance comes to an end, there will be some major issues to consider with business sustainability and profitability. The Auditing and Assurance Standards Board (AUASB) has already […]
Impact of COVID-19 on Auditing Conditions and Requirements
Article by Managing Director, Steve Watson, featured by ForAccountants.com.au In an audit environment that is evolving through technology and the impact of external reviews, COVID-19 has created another layer of challenge and complexity that is having a profound effect on the way auditors engage with their clients. What have the regulators said? Last month, the […]
