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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.

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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.

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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.

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New standard released in late June 2022 will result in increased disclosures for many special purpose financial statements of for-profit entities

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With modern data analytics, auditors sort through vast sums of linked and interrelated data sets to reveal transactions that don’t fit the normal patterns Excel might be able to find. These These transactions can include everything from material misstatements to indications of fraud.

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