In the last few years, the audit profession has been besieged by high-profile corporate collapses and state capture revelations that have implicated auditors.
With public outrage and a loss of trust, the auditors have remained, uncomfortably, in the spotlight in the current year, as the public continues to question how audits can be relied upon to protect investments.
IRBA has issued their 2020 inspection report and the negative trends, which are well below par when compared internationally, seem to continue unabated at most firms, with only a handful of firms showing signs of improvement.
Join us in this webinar as we identify the reasons for the common deficiencies, perform a root cause analysis, and discuss how we can overcome these issues in our audit files and ensure increased quality.
2020 Inspection findings summary
Comparison between 2020 findings and the last inspection cycle
Global inspections findings
What are the main deficiencies
• At firm level
o Leadership Responsibilities for Quality within the Firm
o Engagement Performance and Internal Quality Reviews
o Monitoring
• At engagement level
o Significant Accounting and Auditing Estimates and Judgements
o Revenue
o Financial Statement Disclosures
o Risk Assessment
o Auditing the Statement of Cash Flows
Performing a root cause analysis
Process to implement to remedy these deficiencies
How the new ISQM 1 can help increase audit quality
☒Auditors
☒Audit mangers
☒Audit partners
☒Engagement Quality Control Reviewers
