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The latest public sector and professional updates

How audit can reduce red tape

How audit can reduce red tape

In the regulators we work with, we are seeing increasing interest in using audit as a tool to reduce red tape. Although this may seem counter-intuitive to some, there is a good reason. Audit builds and enhances trust – trust between entities and their stakeholders, including regulators. Audit answer the important question of ‘Is it right?’ – whether that […]

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Performance Audit across Australia – comparative research

Performance Audit across Australia – comparative research

In 2015, with the support of CPA Australia, Professor Kerry Jacobs of UNSW and Professor Lee Parker of RMIT published a comparative analysis of public sector performance audit scope and practice in audit offices across Australia. The research finds that performance audit is now established across all jurisdictions, with the exception of South Australia, and there is an […]

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Hot audit topics – Are auditors too trusting?

An appropriate level of professional scepticism is essential for auditors. Balancing trust and distrust of management has a significant impact on audit quality, and regulators have expressed concerns about insufficient levels of professional scepticism in the conduct of an audit. CPA Australia has just released a synthesis of research findings on the topic that considers […]

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Change to standards – status of ASAE 3500

The assurance standard covering performance audits, ASAE 3500 Performance Engagements, remains on the AUASB’s work plan for revision to incorporate the changes to the umbrella standard ASAE 3000. However, due to key staffing changes and the workload related to implementation of enhanced auditor reporting and other standards, they have not met the anticipated release of March 2016. Practitioners […]

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Quality issues in audits – ASIC’s recent inspection findings

ASIC’s recent inspections of financial auditors of listed companies has been released. ASIC Commissioner John Price stated that ‘Auditors are gatekeepers that play a critical role in ensuring Australian investors can be confident and informed and based on our findings there is a continued need for audit firms to improve audit quality and the consistency […]

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Audit Committees – evolving role and managing the personal risk of accountable authorities

CPA Australia, in conjunction with the International Governance and Performance Research Centre at Macquarie University (IGAP), has released a short discussion paper on the Evolving role and Exposures of Audit Committees. Although focussed on the private sector ,and the value that audit committees bring to the functions and obligations of the Board, the key points and lessons […]

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