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Big questions, small audits

Proportionality in ISA audits raises many questions for those in and around the profession. Katharine Bagshaw provides some answers.

The word ‘proportionality’ comes up a lot in discussions about auditing standards and audit

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regulation. It is important because of the ongoing need to ensure that efficient and effective audits can be performed on entities of all sizes, but particularly on smaller audits. These Q&As discuss some of the issues associated with the idea of proportionality as it is applied to audits that are conducted using International Standards on Auditing (ISA)

Q: Why are people talking about proportionality?

A: This is because the term ‘proportionality’ is used in proposed European Union (EU) legislation that would require ISAs to be adopted and to be applied ‘proportionately’ to smaller audits in the EU...

This is an extract from an article in the November 2013 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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