How can the public’s confidence and trust in audit be strengthened? CA ANZ has developed a 15-point plan. By Lynda Dugdale A good audit is all about trust. Can you trust the numbers? Can you trust the finance team that crunched the numbers? Can you trust the audit partner? Can you trust the audit committee… Read More A roadmap to the future of audit
The Auditor-General (AG) stated in the 2017/18 MFMA General Report that accountability mechanisms in local government are not working as they should, and there have been continued calls for more to be done. Accountability mechanisms in national and provincial government are also not working based on the repeat findings on consequence management and the history… Read More Understanding the amendments to the public audit act
Robert Outram assesses proposals aimed at increasing public trust in auditing. One of the most famous names in the travel industry, Thomas Cook, went into liquidation on 23 September. The very next day, the Financial Reporting Council – lead regulator for audit and accounting in the UK – released a statement: “In light of recent… Read More Change ahead for auditing
Nowadays, everyone is talking about blockchain. But what could it mean for auditors? Does the availability of unchangeable, verified information reduce the need for auditing – or just shift the focus of the auditor’s responsibilities? This article focuses on the analysis of blockchain, its use for financial and operational information and the potential impact that… Read More Blockchain: what does it mean for audit?
Agile business practices have moved beyond IT to create high-performing teams in other areas. By Oliver Rowe Like many internal functions and most business areas, Nationwide Building Society’s 80-strong internal audit team is always under pressure to do more with less or the same amount of resources, according to Eleanor Taylor. Taylor, a senior manager… Read More Introducing agile into internal audit
In February 2019, the IAASB released exposure drafts for quality management at firm and engagement levels for public comment. This article provides an overview of the key proposed changes in the new and revised requirements By Hayley Barker Hoogwerf The outcome of the International Auditing and Assurance Standards Board’s (IAASB) quality management project will change… Read More Six big changes to quality management