Fieldwork considerations and the response to risk
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.
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Relevant articles
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Articles written by practitioners and ICAEW staff covering various aspects of audit fieldwork.
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Developments in the audit of bank and cash
Provides feedback from a series of interviews with practitioners, training providers, and staff at the UK Financial Reporting Council (FRC) and ICAEW’s Quality Assurance Department (QAD) about their experiences of the audit of bank and cash. -
You be the judge
Estimates, judgements and uncertainty are the most challenging aspects of any audit, but they are also areas where audit firms can improve audit quality, as this article highlights. -
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.
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Great expectations
This article asks how weaknesses related to substantive analytical procedures can be avoided and the process better utilised -
Effective sampling
ISA 530 Audit Sampling sets out a number of different sampling methods.
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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.
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Electronic methods of auditing have their advantages, but auditors need to proceed with caution.
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Complying with ISA 315 on smaller audits: not easy
Particularly identifying significant risks and getting the work on systems and controls right. More guidance would help.
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Auditor competencies: recruitment, development and support in smaller firms
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Helpsheets
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Webinars/videos
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- Is there a place for substantive analytical procedures?
- Right First Time with the Clarified ISAs
- Spring Roadshow 2012: charities, groups and other key issues for auditors
- Spring Roadshow 2011: Topical Issues for today’s SME Practitioners
- The audit of accounting estimates in smaller entities
- Efficient and Effective Auditing for Smaller Entities
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IAASB guidance, support tools and news
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Guidance and support from the IAASB in the area of audit fieldwork.
- ISA Module: ISA 260, Communication with Those Charged with Governance
- ISA Module:ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Managements
- ISA Module: ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
- Staff Questions & Answers - Auditor Considerations Regarding Significant Unusual or Highly Complex Transactions
- Staff Audit Practice Alert - Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment
- Staff Audit Practice Alert - Emerging Practice Issues Regarding the Use of External Confirmations in an Audit of Financial Statements
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Practical guidance and learning material
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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.
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Frequently asked questions in audit fieldwork consideration
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Frequently-asked questions around audit fieldwork matters.
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Burning questions
Q&As on a range of audit-related issues from how to approach prior year unaudited accounts to auditing issues around inventory. -
Q&As on management override of controls
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.
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