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Audit and assurance
Content Summary
Auditor registration
Licensing requirements and regulations for auditors
Financial report audit resources
Resources, guidance and research on financial report audit practices
Auditing small and medium entities
Resources to help auditors understand the needs of smaller clients
Self-managed super fund auditors
A range of articles, podcasts, guides and manuals for SMSF auditors
Auditor independence and rotation
Guides, resources and regulations for auditor rotation and independence
Non-financial information assurance
There are five broad categories of non-financial report assurance
Applying the auditing competency standard
Answers to frequently asked questions about the auditing competency standard
AI in Audit: a sneak peek of the Playbook
As AI adoption accelerates across the profession, CPA Australia together with our partners has been developing a practical Playbook to help audit and assurance practitioners navigate responsible AI use. Ahead of the full release, we're giving members an early look at two of the Playbook's core resources: a governance framework for firm-wide AI adoption, and a decision tree to help firms work through whether, when and how to use AI in an audit engagement.
These resources are an early preview of the broader AI in Audit Playbook. Both the content and presentation may continue to evolve. The full Playbook, including checklists and real-world SMP case studies, is expected by the end of the year — watch this space.
AI Governance Framework
AI in Audit – Decision Tree (with user guide)
NEW: ISSA 5000 - A sneak peek of the guidance for SMPs
As sustainability assurance moves from the largest firms to the wider profession, CPA Australia's Reporting & Assurance Centre of Excellence has been developing practical guidance to help small-to-medium practices and their SME clients apply ISSA 5000 being the first global standard built specifically for sustainability assurance. Ahead of the full release, we're giving members an early look at what the guidance covers: a seven-step engagement planning framework scaled to a smaller client on limited assurance engagement, and a materiality masterclass that separates reporting materiality from assurance materiality with worked SME examples.
ISSA 5000 Sustainability Assurance Guide
Competency requirements for review engagements in Australia
Joint Accounting Bodies revise and reissue review competency requirements
CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), and the Institute of Public Accountants (IPA) (“the Joint Accounting Bodies”) have revised and reissued Competency requirements for assurance practitioners undertaking review engagements in Australia.
Originally issued 10 years ago in 2013, it sets out the mandatory minimum competency requirements that must be met by all members of CPA Australia, CA ANZ, and the IPA who are not Registered Company Auditors (RCAs) who are seeking to undertake engagements to review historical financial information (review engagements) in Australia, regardless of whether such review engagements are required by statute.
This revision reflects changes to applicable standards, names of professional accounting bodies and rebranding. It is not intended to change the competency requirements themselves. The document has also been restructured to clarify, simplify, and to improve its readability and understandability. We have done this to ensure there is a clear pathway for many SMPs to do their important work in the community.
These competency requirements apply to assurance practitioners undertaking review engagements for financial statements with annual reporting periods commencing on or after 1 October 2013.
Competency requirements for review engagements in Australia
Climate risk webinar – what external auditors need to consider
Date: 7 March 2023 Given the key role auditors play in enhancing the credibility of financial statements through application of the independent audit process, auditors must carefully consider the implications of climate change-related risks and any potential impact on financial reporting, in their audit procedures. Password: CPAAustralia2023
Quality Management
These online resources will improve your knowledge on the new Quality Management system that all audit firms need to implement by December 2022.
Australian Government Auditing and Assurance Standards Board – Quality Management
Australian and international publications
International Auditing and Assurance Standards Board – Quality Management
Information about the three new and revised standards
Proposed quality management standards - what are they and how will they impact your practice?
CPA Australia podcast | 14 June 2019
Understanding auditing and assurance
These guides from CPA Australia explain the value and purpose of auditing and assurance to help shareholders understand messages from their company's auditor. They can also use this information in their decision making.
March 2022
August 2021
February 2021
November 2019
November 2019
Audit and assurance publications
This guide supports the use of recognition and accountability mechanisms, focused on individuals in leadership positions, to improve audit quality. A joint publication of CPA Australia and Chartered Accountants Australia New Zealand (CA ANZ) developed on behalf of the Australian Auditing and Accounting Public Policy Committee (APPC).
Root cause analysis (RCA) is an effective and efficient way to improve audit quality. This guide explains how audit practitioners can use RCA to identify and address the reasons behind internal and external reviews and inspection findings. A joint publication of CPA Australia and CA ANZ developed on behalf of the APPC.
This research seeks to understand the extent of audit offshoring, the perceived benefits, and why firms are offshoring audit work. The research also covers the perception of the quality of work delivered from offshore workers. This research was supported by CPA Australia.
Professional development
These online courses from CPA Australia will help improve your knowledge as an auditor. They may also contribute to your CPD hours.
Why international experience can accelerate audit careers
A two-year secondment in New York reshaped how this Deloitte audit senior manager leads teams.
- Audit
article·Susan MuldowneyVisit INTHEBLACKCan you audit your own life?
Learn how to apply accounting principles to everyday choices about time, attention, relationships, energy and the priorities that shape a meaningful life.
- Audit
article·Sonakshi BabbarVisit INTHEBLACKEveryday ethics: How to respond to client pressure
What should you do when a client asks you to overlook audit discrepancies?
- Audit
articleVisit INTHEBLACKAustralia's Auditor-General: Her remit and ANAO's approach
Dr Caralee McLiesh outlines her leadership style with the Australian National Audit Office (ANAO), which drives integrity and accountability in public sector performance.
- Audit
article·Chris SheedyVisit INTHEBLACKHow auditors can spot risk before it’s too late
What the world’s biggest market crashes can teach auditors
- Audit
Published on30:38 min read timeASIC’s focus revealed amid auditing’s tech evolution
ASIC commissioner on today’s evolving landscape for audit and assurance
- Audit
Published on19:35 min read time
Library resources for audit and assurance
CPA Australia members can access the following auditing and assurance resources from our library.
- Auditing: theory and practice in Malaysia
- Frequently asked questions in international standards on auditing
- Internal auditing
- Lean auditing: Driving added value and efficiency in internal audit
- Auditing, assurance services and forensics: a comprehensive approach
- Core auditing standards for practitioners
- Yellow book: Government auditing standards
- Managerial auditing journal
- Accounting, auditing and accountability journal
- Contemporary issues in audit management and forensic accounting
Auditing and assurance standards
Auditing and assurance standards, along with the Code of Ethics for Professional Accountants and related standards, establish requirements and provide application and other material for audits, reviews and other assurance engagements.