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6 top issues in audit
This document provides a summary of six hot topics in auditing: 1. It examines whether new technologies will create opportunities or challenges for auditors and how data analytics will change auditors' roles. 2. It discusses whether auditors should be held liable if they miss fraud. 3. It explores warning signs the tax office uses to monitor SMSF auditors and potential problems with auditor independence or quality. 4. It considers whether detecting fraud should be part of an auditor's duty of care or is too far. 5. It looks at when auditors are raising concerns about companies' ability to continue operating. 6. It addresses whether data analytics is fundamentally transforming the audit or
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6 top issues in audit
- 1. intheblackleadership . strategy. business Your essenTiaL business updaTe 6TOP ISSUES AUDITIN
- 2. WILL NEW TECHNOLOGIESCREATE OPPORTUNITIES OR JUST CHALLENGES? HOW WILL DATA ANALYTICS CHANGE THE AUDITOR’S ROLE? SHOULD AUDITORS BE HELD LIABLE IF THEY MISS FRAUD? THIS ALL ADDS UP TO INTERESTING TIMES AHEAD FOR AUDITORS. THE FOLLOWING COLLECTION OF ARTICLES AND PODCASTS EXAMINES THE HOT TOPICS IN AUDITING.
- 4. 6WARNINGSIGNS THETAXOFFICEUSES WHENMONITORING SMSFAUDITORS The ATO explainsthat it is using risk profiling to target SMSF auditors for review. CPA Australia policy adviser – audit and assurance, Claire Grayston CPA, identifies six red flags that could point to problems with SMSF auditor’s independence or audit quality and trigger an ATO review. LEARN MORE
- 5. SHOULDAUDITORS BEHELDLIABLEIF THEYMISSFRAUD? Should detecting fraudor other major infractions be part of an auditor’s professional duty of care, or is it a step too far? Three experts give their views. LEARN MORE
- 6. AUDITTRENDS: WHENAREAUDITORS RAISINGCONCERNS? At what pointdoes an auditor decide that a company is at risk of being unable to continue in business? When does the auditor need to highlight that risk by issuing a “going concern” emphasis of matter in their report? Research funded by CPA Australia finds that auditors are increasingly deciding that the entities they audit may not be able to continue operating. LEARN MORE
- 7. AREYOUDISTRUSTING ENOUGHTOBEA GREATAUDITOR? Regulators continue tocall for a greater level of professional scepticism amongst auditors. How can auditors cultivate an appropriate level of scepticism in order to do their job properly, but without becoming completely distrusting? There are ways to promote professional sceptism, such as sharing insights from fraud and error cases, developing skills in effective interview techniques and communication, and developing strategies to counter clients who try to intimidate audit staff. LEARN MORE
- 8. ISDATAANALYTICS TRANSFORMING THEAUDIT? In this informative podcast,Professor Miklos Vasarhelyi, a leading researcher in data analytics, tackles the question of whether data analytics is fundamentally transforming the audit – or is it just a new means of gathering the same evidence as in the past? LEARN MORE
- 9. TOPTHEMESON THEAUDITINGOF SMALLENTITIES Auditing small entitiesbrings many unique challenges. Engagements may combine audit, review or compilation of financial information, with assurance on compliance or controls into one engagement. These “multi- scope engagements” create added complexity and each presents its own challenges, which means that auditing small entities does not necessarily equate to being simple, straightforward or low- risk engagements. LEARN MORE
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