Testimonials

The preparation of financial statements is a crucial aspect of financial reporting, offering stakeholders a clear narrative of an entity’s financial health and performance. Central to this process is the disclosure of accounting policies, which provides context to the figures presented. Significant changes were made to the International Accounting Standard...

Exciting news for the assurance and audit field! The IAASB has shifted from a technology-neutral to a technology-encouraging position, recognising that innovation is essential to modern audit standards. This marks a major step forward, enabling more analytics and AI integration in audit and assurance engagements.

When it comes to corporate governance and financial disclosure, preparing and executing annual financial statements are crucial milestones for any company, especially in South Africa, where statutory adherence and transparency are paramount. This article explores best practices in preparing these statements, considering South Africa’s regulatory landscape and addressing relevant issues...

The use of cloud-based solutions in South Africa is on an upward trajectory. The SA Cloud Market Report 2023 published by BMIT last year, that the compounded annual increase in South Africa’s cloud-based services market will be over 27% in the next five years. Many Department of Public Service and...

The use of cloud-based solutions in South Africa is on an upward trajectory. The SA Cloud Market Report 2023 published by BMIT last year, that the compounded annual increase in South Africa’s cloud-based services market will be over 27% in the next five years. Many Department of Public Service and...

The use of cloud-based solutions in South Africa is on an upward trajectory. The SA Cloud Market Report 2023 published by BMIT last year, that the compounded annual increase in South Africa’s cloud-based services market will be over 27% in the next five years. Many Department of Public Service and...

The use of cloud-based solutions in South Africa is on an upward trajectory. The SA Cloud Market Report 2023 published by BMIT last year, that the compounded annual increase in South Africa’s cloud-based services market will be over 27% in the next five years. Many Department of Public Service and...

The use of cloud-based solutions in South Africa is on an upward trajectory. The SA Cloud Market Report 2023 published by BMIT last year, that the compounded annual increase in South Africa’s cloud-based services market will be over 27% in the next five years. Many Department of Public Service and...

The use of cloud-based solutions in South Africa is on an upward trajectory. The SA Cloud Market Report 2023 published by BMIT last year, that the compounded annual increase in South Africa’s cloud-based services market will be over 27% in the next five years. Many Department of Public Service and...

Examining the extent of audit manager involvement in audit engagements is essential for assessing team dynamics and ensuring adequate supervision. Let’s explore the description, interpretation, and IRBA Code considerations regarding Workload: Manager Supervision. Indicator: Workload: Manager Supervision (%) represents the total audit manager hours charged to the audit client as...

Understanding the level of engagement partner involvement in audit engagements is crucial for evaluating audit quality and team dynamics. Let’s delve into the description, interpretation, and considerations regarding Workload: Engagement Partner Role. Indicator: Workload: Engagement Partner Role (%) represents the engagement partner’s (excluding EQ review partner) hours charged to the...

Understanding the extent of internal monitoring coverage for engagement partners is essential for assessing the depth of an audit firm’s quality management processes. Let’s delve into the description, interpretation, and considerations regarding Partner Coverage. Indicator: Partner Coverage (%) represents the percentage of engagement partners subject to internal reviews during the...

Analysing internal review results is crucial for evaluating the effectiveness of an audit firm’s quality management processes. Let’s delve into the description, interpretation, and implications of Internal Review Results. Indicator:  Internal Review Results (%) represent the average percentage of all result ratings assigned to engagement partners during internal reviews conducted...

Understanding the quality management processes within audit firms is vital for ensuring the integrity and effectiveness of engagements. Let’s delve into the description, interpretation, and key observations of Firm Review Processes. Indicator: Firm Review Processes encompass engagement-related reviews conducted by personnel outside the engagement team. This includes the nature, coverage,...

Assessing engagement quality is essential for maintaining audit integrity and reliability. Let’s delve into the significance of the Engagement Quality (EQ) metrics and how they impact audit quality and effectiveness. Indicator: EQ Review Partner Hours (%) and EQ Review Team Hours (%) represent the hours charged to the audit client...

Understanding the tenure of engagement partners is paramount in evaluating audit quality and expertise. Let’s delve into the significance of this metric and its implications for audit excellence. Indicator: Tenure: Partner Experience (years) measures the average tenure of engagement partners in years. Purpose: This indicator reflects the accumulated experience of...

Understanding the duration of a firm’s tenure with an audit client is crucial in assessing independence and familiarity threats. Let’s delve into the significance of this metric and its implications for audit quality. Indicator: Tenure: Firm (years) measures the average number of completed years a firm has served as the...

Understanding the nuances of audit fee recovery, is pivotal in assessing audit quality and efficiency. In this piece, we are going to explore the intricacies of this vital metric and its implications for audit firms. Indicator: Total audit fees billed to the client as a percentage of the total audit...

In the world of auditing, maintaining independence is paramount. One crucial metric in assessing this independence is the percentage of non-audit fees billed in relation to total audit fees. In this piece, we are going to unpack what this metric entails and delve into how it impacts decision-making and quality....

The Independent Regulatory Board for Auditors (IRBA) released the 2023 Audit Quality Indicators (AQI) report on 16th February. The full report can be accessed here. Over the coming weeks, I’ll be diving into these AQIs to understand how they can enhance audit quality for firms and share the insights with...