Is there a difference between an Internal Auditor and an External Auditor?
Yes. Both of these have their own unique qualities that set them apart. Auditing may primarily be broken down into two categories: internal and external. An internal audit department is staffed by employees of that entity who will provide internal audit functions that benefit the entity as a whole. However, it is common for businesses […]
The Clarity Project
The International Accounting Standards Board (IAASB) initiated a campaign in 2004 to improve the clarity (readability) of the ISAs. This Clarity Project’s overarching objective was to make the ISAs more understandable, which would, in turn, make it easier to apply the standards consistently and lead to an improvement in the overall audit quality on a […]
ISQC 1: Audit Firms must ensure that their Audits adhere to Quality Standards
The purpose of this is to reduce the RISKS of: 审计事务所必须确保他们的审计工作遵守质量标准，其目的是减少以下的风险： There are 2 Different Quality Control Standards 有两种不同的质量控制标准 [*] – However, effective 15 December 2022: [*] – 然而，即将在2022年12月15日生效:- ISQM 1 取代了 ISQC 1; ISA 220 财务报表审计的质量管理取代财务报表审计的质量控制 *Quick note to Audit Firms: Firms are recommended to research the requirements of the three new quality management […]
7. How can the Application of Professional Skepticism be Evidenced?
Auditors often show Professional Skepticism during audit conversations. The auditor’s discussion with TCWG may explain why a substantial accounting practice permissible under the applicable financial reporting framework is not most suited for the entity. 审计师在审计谈话中经常表现出职业怀疑态度。 审计师与 TCWG 的讨论可能会解释为什么在适用的财务报告框架下允许的实质性会计做法却不是该实体最适合的。 Audit documentation is essential for demonstrating Professional Skepticism since it shows that the audit was planned and […]
