AuditWithoutWalls!’s Post

There are multiple levels of audit standards for governmental engagements. Here's a video that provides examples of the various governmental audit opinions and reports. The wording in these reports points to these different audit standards. After showing you the report language, I show you the relevant audit standards for each. This video will be helpful to people new to governmental accounting. Click here to watch now: https://lnkd.in/ePwyKQws #CPAHallTalk, #governmentalauditing

HOT OFF THE PRESS! Marie-Laure Vandenhaute, Diane Breesch, and Benjamin Kinnart (all Vrije Universiteit Brussel) reflect on International Auditing and Assurance Standards Board (IAASB) and the #Accuracy of #Auditors #GoingConcern #Disclosures providing Evidence for #PrivateFirms in a Low #LitigiousEnvironment https://lnkd.in/d4T69RGA This paper examines the effect of adopting the International Standard on Auditing (ISA) 570 on going concern (GC) disclosures in the audit report in a European environment characterized by low litigation and reputation risk. We exploit a natural experiment in Belgium, where the global GC standard ISA 570 replaced the local GC standard. We examine whether this shift in standards changed the accuracy of auditors’ GC disclosures. Using a sample of 30,339 stressed private companies with audited financial statements for periods ending on or after 15 December 2012 till 14 December 2016, our findings suggest that the adoption of the ISA 570 improves the accuracy of auditors’ GC disclosures. Specifically, we find that the implementation of the ISA 570 is associated with an 8 percent decrease in false positive misclassifications (GC opinion without subsequent bankruptcy), while the rate of false negative misclassifications (bankruptcy without prior GC opinion) remains unchanged. #auditquality #auditing #auditor #privatefirms #auditingstandards #accounting #aie #eaa EAA - European Accounting Association

In my role as a reviewer, responsible for monitoring public sector audits, I have recorded a short video explaining our findings from all of our monitoring activity across government and public service, including both commercial #audit firms and the various audit agencies. Take a look to hear about the themes that came through in the reviews. https://lnkd.in/eXdg8m93 If you would like to keep up to date on regulatory news, please follow ICAEW Regulation and Conduct #icaewRegulation #publicsector

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

The Purpose of Audits: A Look at Developments in the United Kingdom With the re-prioritisation of audit reform in the UK following the July election of a Labour government, an updated report from ISS | Institutional Shareholder Services examines the various dynamics at play in the UK audit market, the proposals that have been forwarded to restore confidence in audits, and the likely next steps. Many of the issues discussed may have global resonance. The report was originally published in early 2024 when momentum behind audit reform appeared to be slowing. But many of the audit reforms discussed in the original report pivoted on the creation of an empowered regulator--the Audit, Reporting and Governance Council, or “ARGA”--which the new Labour government has since July vocally and publicly championed. Read more at: https://lnkd.in/eM_tzERr Learn more about our governance research and voting services at: https://lnkd.in/dE2Y6pVQ #UnitedKingdom #Audit #CorporateGovernance 

Today the FRC published its annual report on the quality of major local audits which also sets out how it will continue to support the local audit system to recover from delays in the publication of audited accounts. This report follows the Government’s legislative measures in September 2024 to clear the backlog in local audit. Learn more: https://lnkd.in/dpEuDUQa #LocalAudit