IRBA recently published their 2023 / 2024 annual enforcement report, which is a document that exposes where auditors are not following the international standards, be it audit standards, review standards, other assurance engagement standards, non-assurance standards, quality management standards or even codes of ethical practice!
IRBA publish these reports so we can learn where we as audit professionals are getting things wrong on our engagements and in our day to day conduct.
Charges laid against auditors for non-compliance with standards / improper conduct are:
- Insufficient audit evidence/documentation (98)
- Unprofessional behaviour (19)
- Independence (12)
- Assurance Work declarations (10)
- Tax/accounting services (9)
- Material misstatements (18)
- Reportable Irregularities (11)
- Quality Control (7)
- Failure to correspond professionally (4)
- Failure to assemble audit file (3)
Teach you the lessons from the enforcement findings that can help you avoid the serious punishment that results as a consequence.
• Simplify and summarise the findings and the resulting punishments
• Identify which standards’ requirements were not adhered to and explain to you how to satisfy them
Audit managers
Audit partners
Engagement quality control reviewers
