The implementation of the Australian Standard on Quality Management 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information (ASQM 1), or Other Assurance or Related Services Engagements is imminent. The level of readiness of professional audit and accounting firms ranges from some firms who are already hard at work towards implementation to others who are starting to realise that they have a lot of work to do towards implementing the standard.
The new standard requires that a firm establishes a system of quality management, which involves more than having a manual with policies and procedures. It must operate in a continual and iterative manner, and be responsive to changes in the nature and circumstances of the firm and its engagements.
Technological advancements impacting businesses have never been more profound and are playing an integral part in shaping the audit profession. Technology is increasingly important to the way that practices conduct day-to-day operations and this will continue to be true for the future.
We have finally reached the 30 June 2022 reporting period when certain For-Profit private sector entities are no longer able to prepare special purpose financial statements. Given the number of queries which continue to be received on this topic on an almost daily basis, we have summarised the considerations for…
Tier 1 financial statements are required for publicaly accountable entities or other entities specifically required by a regulator to prepare Tier 1 financial statements.
A must read eBook for firms looking to stay ahead of the curve. Touching on challenges, experience, automation, collaboration and the importance of the cloud, the resource outlines how firms can continue to separate themselves from the increasingly competitive audit landscape.
We’ve put together a quick few pages on the topic of wellbeing in the workplace. Get key tips and techniques and stay informed on the current trends that we are seeing within the industry to make informed decisions when it comes to the mental health of your team.