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
