(c) Chartered Accountants Ireland. Contact Chartered Accountants Ireland for permission to reproduce this article., Audit and Assurance

Understanding the value of the audit

With a stream of negative news, the outlook for auditors can appear bleak at times. However, we should never lose sight of the value in the audit process. Accountants and auditors are faced with a bleak outlook. There is a constant narrative telling us that accountants and auditors are not relevant anymore; reports that investors… Read More Understanding the value of the audit

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Audit and Assurance, Financial Reporting

Reporting assurance

By Hayley Barker Hoogwerf With the view that the reporting of historical financial information alone does not provide investors, shareholders and other stakeholders with a broad picture or holistic information about the reporting entity that these users may be looking for, EER continues to evolve. Along with the increased demand for more holistic reporting came the… Read More Reporting assurance

(c) Hong Kong Institute of Certified Public Accountants. Contact HKICPA for permission to reproduce this article., Audit and Assurance

The new JSE auditor accreditation model

Under the previous accreditation regime, the Johannesburg Stock Exchange was primarily responsible for assessing the suitability of auditors of listed companies. The responsibility has now largely moved to audit committees. The Johannesburg Stock Exchange (JSE) auditor accreditation model, under its amended Listings Requirements (LR), imposes additional obligations on audit committees in relation to the appointment… Read More The new JSE auditor accreditation model

(c) Institute of Chartered Accountants of Scotland. Contact ICAS for permission to reproduce this article., Audit and Assurance

Ensuring the independence and effectiveness of internal audit

What actions in an internal audit can accountants take to demonstrate independence if their responsibility as the third line of defence becomes blurred with the first or second line? The Chartered Institute of Internal Auditors (CIIA) highlighted this issue in a position paper titled The Three Lines of Defence. As a refresher, this paper also neatly summarises the… Read More Ensuring the independence and effectiveness of internal audit

(c) Institute of Chartered Accountants in England and Wales. Contact ICAEW for permission to reproduce this article., Audit and Assurance

The Future of Audit: Trust

Auditing is a powerful tool in providing investor confidence in financial statements and supporting economic growth. But an expectation gap exists between what audit does and what stakeholders would like to see it do. The Audit and Assurance Faculty argues that with auditing under public scrutiny changes are necessary to enhance trust and confidence in… Read More The Future of Audit: Trust

(c) Institute of Chartered Accountants in England and Wales. Contact ICAEW for permission to reproduce this article., Audit and Assurance, Corporate Finance

The Future of Audit: Corporate reporting and the role of the auditor

An important audit function is, and always has been, providing assurance that corporate reports contain correct and trustworthy information. However the expectation gap between what is being audited and what people believe should be audited is an ongoing issue. We believe there is a demand for enhanced corporate reporting and greater assurance and if we… Read More The Future of Audit: Corporate reporting and the role of the auditor