Subscribe - Website.png

Blog

Audit news, opinions and template info

Blog - Mob.png

Search

Internal Audit Manual Template

Sep 27, 2020
4 min

Internal Audit Manual Template

Whilst each audit department should abide by the requirements as set out in the International Professional Practices Framework (IPPF), it's the audit manual which spells out specifically how the audit team will uphold these standards. In this post, we're going to explain what an internal audit manual is, what it contains, why you need one, and how to successfully implement a manual into your audit team. Throughout this post, we're going to demonstrate various aspects of the a

370 views0 comments

Internal Audit Self Assessment Checklist

Jul 27, 2020
5 min

Internal Audit Self Assessment Checklist

Performing a periodic self assessment as part of your Quality Assurance Improvement Program The International Standards for the Professional Practice of Internal Auditing (Standards) set the mandatory requirements for every Internal Audit function. As part of the Standards, there is a key component which requires audit functions to establish a Quality Assurance Improvement Program (QAIP). This post will focus only on how to develop and perform an Internal Audit Self Assessmen

1,327 views0 comments

Are internal auditors scrutinised enough?

Apr 30, 2020
5 min

Are internal auditors scrutinised enough?

I have recently been attending a training course provided by the Institute of Chartered Accountants Australia and New Zealand. The course has focused largely on recent company collapses in the UK and the role of the company's management, the accountants, the external auditor, and the regulator during the demise of some high profile businesses. The course has also touched on the Business, Energy and Industrial Strategy Committee (BCIES) inquiries into Carillion and Thomas Cook

24 views0 comments

KPMG, EY show the importance of audit quality and why we should do live reviews

Apr 7, 2020
3 min

KPMG, EY show the importance of audit quality and why we should do live reviews

The Big 4 audit firms, and audit in general really, have been through a lot over the past number of years. There have been numerous calls for the improvement in audit quality. Followed by very high profile reviews such as the Brydon Review in the UK, and the aptly named Audit Inquiry in Australia. With each of these reviews, pressure also fell on regulators to become tougher on audit firms and ensure there is an overall improvement in the audit quality. Now whilst each of th

54 views0 comments

ASIC to name and shame the Big 4... finally!

Aug 13, 2019
3 min

ASIC to name and shame the Big 4... finally!

I've previously wrote about the need for ASIC to take a much harder stance against the Big 4 and audit quality, so it was with great pleasure to read the Australian Financial Review and see that ASIC will now finally name and shame the Big 4. So why is it important that ASIC takes this approach? According to an article in the Australian Financial Review in January 2019, the Big 4 currently audit 95% of major listed companies on the Australian Stock Exchange (ASX). This is a h

31 views0 comments

Why the BEIS' "Future of Audit" report is a waste of paper.

Apr 10, 2019
7 min

Why the BEIS' "Future of Audit" report is a waste of paper.

On 2 April 2019, Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy (BEIS) Select Committee, presented the Committee's report "Future of Audit". To say the report is a disappointment would be a complete understatement. I should be clear. I support the need for change within the audit industry. It is evident, with the number of issues reported by the FRC (and more broadly, by regulators around the world), that change is needed within the audit industry. Th

8 views0 comments

Why won’t ASIC name and shame?

Jan 30, 2019
3 min

Why won’t ASIC name and shame?

It’s my favourite time of the year! Of course, Christmas, Easter, my birthday, EOFY parties, and end of audit season, all rank pretty highly as well, however the date that ASIC releases the annual audit review results is my favourite. The full report, which can be read here, certainly has some interesting facts in it. Understanding how badly firms have stuffed up, and where exactly they have got it wrong, is great reading, but compared to other regulatory authorities (say the

3 views0 comments