Auditor data analytics is about enhancing audit quality. There are different angles on what this means in practice but audit quality is a common objective of auditors, regulators and standard-setters alike. A high-quality, focused and
effective audit is aligned with the way the audited entity manages its data and operations. Data analytics offers a practical way for auditors to manage some important aspects of IT systems in larger audits. Competitive tendering for listed
company audits has sharpened the focus on data analytics, and audit committees now routinely ask prospective auditors how they are going to use it in the audit.
This publication is about possibilities. Its purpose is to ask fundamental questions about the opportunities data analytics provides for the profession, regulators, standard-setters, investors and academics to rethink and reinvent audit, for the
benefit of society as a whole. Its purpose is also to raise levels of awareness of data analytics issues, and to inform and educate business, auditors, investors and others about recent developments in the use of data analytics in external audit.
Practical guidance and learning material
Modules relating to completion from the Clarified ISAs guidance is set out in this section.
Articles written by practitioners and ICAEW staff in the area of Audit Completion.
Taking the long view
What do auditors need to know about longer-term viability statements? James Roberts provides some answers.
Are UK Audit reports going to change again? This article considers the possibilities given the International Auditing and Assurance Standards Board (IAASB) recent issue of a revised version of its ISA 700 Forming an Opinion and Reporting on Financial Statements, a new ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report and revisions to other auditor reporting standards for December 2016 year-ends.
All Change Please
As the global business environment and its financial reporting requirements have become more complex, users of audited financial statements have been calling for more pertinent information for their decision-making – and regulators, standard-setters and auditors have responded. This article sets out recent developments in auditor reporting.
Q&As by practitioners on how to address going concern issues.
This article sets out essential steps to address audit completion appropriately.
Interact: It’s Good to talk
This article covers the need to identify who is charged with governance, ensure appropriate communication takes place and demonstrate this on the audit file are vital to ensure the success of smaller entity audits.
Predicting the future This article sets out auditors’ responsibilities as regards going concern and how audit files could benefit from better consideration and documentation of going concern.