Apr 04, 2024
As the International Auditing and Assurance Standards Board reaches the midpoint of its public consultation on proposed amendments to its fraud standard, a new four-part video series has been released. The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them.
Dec 01, 2023
IFAC has published Building Trust in Sustainability Reporting: The Urgent Need for Integrated Internal Control to address the demand for high-quality sustainability reporting and to prepare professional accountants for mandatory international and jurisdictional reporting and assurance requirements. This analysis highlights how companies can integrate sustainability information within their existing internal control and governance frameworks.
Jul 24, 2023
This report presents aggregate observations from the PCAOB’s inspections of certain public company audits conducted by 157 audit firms in 2022. PCAOB staff expects approximately 40% of the audits reviewed will have one or more deficiencies that will be included in Part I.A of the individual audit firm’s inspection report, up from 34% in 2021 and 29% in 2020.
Jul 05, 2023
Over the past year there has been a significant advancement in the general availability of applications incorporating artificial intelligence, many of which could be used by auditors and management of Canadian reporting issuers. While the potential of these technological advancements to improve the effectiveness and efficiency of the audit is significant, it also creates risks that must be effectively managed. Before audit firms and audit engagement teams use these applications, it is essential that audit firms adopt appropriate safeguards to manage any risks to audit quality in the same fashion that these risks are managed with automated tools and techniques currently used in audits.
Jun 30, 2023
As part of their responsibilities, it is important that audit committees engage in effective two-way communication with auditors and ask relevant questions throughout the audit. The Spotlight groups questions that audit committees may want to consider regarding the auditor’s work on the following topics: Risk of fraud, risk assessment and internal controls, auditing and accounting risks, digital assets, merger and acquisition activities , use of the work of other auditors, talent and its impact on audit quality, independence, critical audit matters and cybersecurity.
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