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Audit and Beyond December/January 2020/21

In this month's issue we look at root cause analysis – what is involved and how do we get the greatest benefit from the process? Julia Penny shares some insights, Preparing for 2021 we’ve navigated 2020 – so what can we expect next? Faculty resources check out the resources created in response to this year’s developments. ISA 540 (Revised). The main changes affecting audit documentation. Documentation Areas of weakness give auditors the opportunity to improve audit quality. Communication skills Managing teams remotely requires a whole new approach. Audit reports Have extended reports fulfilled their promise? And finally John is back with his audit clinic and answers some serious questions about December 2020 year ends.

Preparing for auditing in 2021
Are auditors ready for 2021? Louise Sharp of ICAEW offers some insights into what will be coming up in audit and how to prepare.

How to get the most from root cause analysis
Root cause analysis is starting to make its way up the audit agenda. Julia Penny of JS Penny Consulting shares some insights on what’s involved and how to get the most from it, including numerous resources and practical examples to consider.

Key audit and assurance faculty resources
A rundown of the latest resources from the Audit and Assurance Faculty, including know-how guides on auditor reporting, letters of support and thought leadership essays on the future of audit.

Ensuring you're aware of the main changes to ISA 540
The revised ISA 540 applies to all accounting estimates. Auditors need to be aware of the main changes and ensure that documentation is adequate, says Miriam Hanley of Menzies. She looks at enhancements, practical steps and actions to take, as well as some top tips.

John Selwood's audit clinic
John considers the major changes in auditing that prompt serious questions for coming year ends.

How documentation and good practice help improve audit quality
Auditors can turn weakness into strength by identifying areas of documentation that require improvement, and taking practical pointers from examples of good practice.

Extended audit reporting quality under scrutiny
Have extended audit reports delivered on their promise? US accounting professor Miguel Minutti-Meza raises questions about their effectiveness but sees them as a first step towards enhanced auditor reporting.

Remote working management calls for special skills
Managing your team in this remote working environment poses challenges and demands new skills. Consultant trainer Isabelle Campbell shares advice on maintaining team spirit and social connection, and how to avoid the pitfalls.

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Audit & Beyond December/January 2020/21

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