New auditing standards
Risk Assessment: ISA 315/ASA 315 - IAASB Standard and resources: Identifying and assessing the risks of material misstatement
ISA 315 has been revised to include a more robust and consistent risk identification and assessment.
Auditing accounting estimates
Resources from IAASB and AUASB to support implementation of ISA 540/ASA 540
Auditor reporting insights
FMA and XRB report: Review of trends and changes in Key Audit Matters
FMA and External Reporting Board release joint review of key audit matters reporting
FMA: Key audit matters – a 'stock take' of the first year in New Zealand
The purpose of this publication is to provide insights to help improve New Zealand auditor reporting
AUASB Research Report 5: COVID-19 Snapshot of Auditor Reporting in Australia
This report analyses auditor’s reports on Australian listed companies with 30 June 2019 and 2020 financial reporting year-ends.
Audit trends: When are auditors raising concerns?
At what point does an auditor decide that a company is at risk of being unable to continue in business?article·PublishedClaire GraystonVisit INTHEBLACK
Audit quality indicators
Climate risk disclosures
Climate related and other emerging risks disclosures: Assessing financial statement materiality
Entities should consider climate-related risks in the context of their financial statements
Climate risk disclosure by Australia’s listed companies
This report contains our key observations and findings from a surveillance project examining climate risk disclosure by listed companies in Australia.
IAASB Alert: Climate-related risks to be considered in audits of financial statements
Climate change is increasingly front of mind for investors and other IAASB stakeholders as its effects are increasingly visible.
Four short papers examine the various standards and rules applicable to UK auditors’ duties relating to annual financial accounts, focusing on where those corporate disclosures might reasonably be expected to contain climate risk-related information, and how these might translate to Australian circumstances.
Introduction – Climate change and professional liability risk for auditors: A comparative United Kingdom / Australia analysis
Regulator audit inspection findings
Australia: Australian Securities and Investments Commission (ASIC)
ASIC Audit quality measures, indicators and other information: 2019–20
This report provides a broad group of audit quality measures, indicators and other information to supplement our audit inspection findings in Report 677
ASIC Audit inspection report: 1 July 2019 to 30 June 2020 (REP 677 December 2020)
This report sets out findings from our review of audit files for the period 1 July 2019 to 30 June 2020
New Zealand: The Financial Markets Authority (FMA)
Audit quality – a director’s guide
Guidance for directors of New Zealand FMC reporting entities about how to improve audit quality
Audit quality monitoring report 2019
This report summarises our findings from the quality reviews we carried out between 1 July 2018 and 30 June 2019
Audit quality monitoring report 2020
This report summarises our findings from the quality reviews we carried out between 1 July 2019 and 30 June 2020
FMA's Investor’s guide to auditing
Companies listed on the share market must have their financial statements independently audited, and present a report from the auditor to investors in their annual report
A lack of professional scepticism in audits has been a recurring theme in ASIC’s audit inspection findings along with other regulators globally, however responding to these concerns can be challenging for audit firms. These resources provide useful information on how auditors can apply professional scepticism to their work.
Professional skepticism lies at the heart of a quality audit
This publication provides an update on the IAASB’s efforts to appropriately reflect professional skepticism
Unconscious bias and professional scepticism
This article examines how unconscious bias arises and includes practical tips on reducing professional accountants’ unconscious bias
How can we become better sceptics?
This article examines what it takes to become a “good” skeptic
Toward enhanced professional skepticism
Observations of the IAASB-IAESB-IESBA Professional Skepticism Working Group
A Consideration of Literature on Trust and Distrust as they Relate to Auditor Professional Scepticism
We consider the literature on trust and distrust as it relates to auditor professional scepticism
State of the Art Research Related to Auditor Professional Skepticism
An executive summary of academic research on professional skepticism
Auditor professional scepticism: Impact of trust and distrust
While professional scepticism has long been recognised as an important contributor to audit quality, the exercise of an appropriate level of professional scepticism continues to challenge the audit profession.
The following titles are available for members to borrow from the CPA Australia library. You’ll need an online account with us to access these resources.
Licensing requirements and regulations for auditors
Auditing small and medium entities
Resources to help auditors understand the needs of smaller clients
Restructured code of ethics clarifies SMSF audit independence issues
Public practitioners with SMSF clients will need to review engagements where the firm conducts the accounting and audit. Here are some of the new requirements coming out of changes to the restructured codearticle
Licensed auditors: New Zealand
Practitioners who conduct audits in New Zealand must hold a licence
Audit guide sets context for inquiry
Auditors are under the microscope, but is a wholesale overhaul of the profession necessary?article
Advanced Audit and Assurance
This subject examines audit and assurance processes, methodologies and procedures