Clarified ISAs provide opportunities for practitioners in terms of efficiencies, better documentation, better reporting to clients, and enhanced audit quality overall. They also present challenges in their implementation. This section has a range of support materials to provide practical assistance to auditors in a number of different areas when carrying out audit fieldwork.
Practical guidance and learning material
There are a number of publications in this section written by practitioners for practitioners, focusing on the biggest implementation challenges within the Clarified ISAs. There are also support materials focussing on different industry issues provided with the unique insights of practitioners.
This article sets out guidance on identifying who is charged with governance, ensuring appropriate communication takes place and demonstrating this on the audit file. These elements are vital to the success of smaller entity audits.
Substantive analytical procedures are a powerful tool for auditors if they are used in appropriate circumstances and performed correctly. This article provides assistance to auditors carrying out analytical procedures as to the steps required to ensure analytical procedures are suitably and appropriateley applied.
Relationships between external and internal auditors need careful management. There are some jurisdictions, such as the UK, where the external auditor is prohibited by law or regulation from using internal auditors to provide direct assistance under the direction, supervision and review of the external auditor.
Auditors must obtain reasonable assurance that financial statements are free from material misstatement, whether caused by error or fraud. These Q&As looks at the risks in management’s ability to override internal controls.