Completed
Date

Thursday 14 December 2017

Time

12:00 pm

Duration

1.5 CDP hours

Session Topic

Audit quality – learning the lessons from ASIC audit inspections

On the cusp on the 30 June reporting season, ASIC released the results of its audit firm inspections for the 18 months to 31 December 2016, as well as three information sheets related to improving audit quality and our inspection process. For most auditors not enough time to assess and develop an implementation to improve audit quality. Now is the time. This session will:

  • Analyse ASIC’s findings with particular attention to its comments on the audit of asset values, the audit of revenue, and maintaining a strong culture of audit quality
  • Review the information sheets on Improving and maintaining audit quality; Audit quality – the role of others; and ASIC audit inspections, and
  • Outline what you need to do to build in these into quality assurance processes
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This session is presented by:

Colin Parker

Principal, GAAP Consulting, Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board. He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

 

Sonya Sinclair

Audit and risk management expert

Sonya is a registered company auditor, registered superannuation auditor and quality-control reviewer, CAANZ. Sonya specialises in risk management, implementation of audit quality through development of audit systems and processes, and interpretation and advice on generally accepted accounting and auditing principles. Sonya has over 15 years’ experience in auditing and financial reporting, bringing a collaborative style and balancing technical aspects with practical recommenations to clients.