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 […]
Latest News on Audit Inquiry – 8 Key Recommendations
Article by Steve Watson, Managing Director, National Audits Group. On 1 August 2019 the Senate referred an inquiry into the regulation of auditing in Australia to the Parliamentary Joint Committee on Corporations and Financial Services for report by 1 March 2020. On 27 February 2020, the Parliamentary Joint Committee on Corporations and Financial Services tabled […]
Preparing clients for external audits – Keys to success
Article by National Audits Group Managing Director, Steve Watson. Establishing ground rules for client engagement is essential for effective management of audit and assurance projects. There’s no question that technology is allowing audit firms to take control of client relationships. But it all goes back to effective systems and processes for managing the flow of […]
Overcoming Conflict of Interest Concerns with Audits
Article by Managing Director, Steven Watson, as published by For Accountants. Audit firms provide an essential service to capital markets. By building a basis for trust and confidence in financial reporting, auditors help firms manage financial risk, reduce financing costs and contribute to the effective allocation of capital for economic growth. Despite these benefits, there […]
Audits and Independence – Where to from here?
Article by Managing Director, Steve Watson. In Part 1 of this series on auditors and independence, I outlined some of the challenges facing the audit industry with a number of reviews underway both in Australia and Internationally. Not a week goes by without further news relating to concerns over conflict of interest associated with accounting […]
Celebrating #AuditorProud day 2019
Yesterday the whole team got on board to celebrate #AuditorProud Day. On this day each year, auditors reflect on what it is they love about auditing. We celebrated in style with morning teas and group photos, and everyone had something to say… “Auditing has been my whole working life, it is where I meet most […]