Audit & Assurance

February 4, 2021

Audit must evolve to remain relevant and trusted

Audit has endured a battering of late, but now is the time for us all to work together to rebuild trust in the profession, says ICAS Deputy President Bruce Pritchard CA. Although my days as an auditor are behind me, I still care deeply about the profession. My views on what needs to change in this area may now come from the perspective of the CEO of a US-listed biotech firm and NED, but auditors need to understand public perceptions about their trade.
December 11, 2020

How auditors can step up during uncertain times

by NG KIAN HUI   The audit industry has been subjected to increased scrutiny in recent years to uphold audit quality and public interest. The 2019 Novel Coronavirus Outbreak (Covid-19) has further increased the challenges for auditors in performing their audits, not only in complying with the auditing standards but […]
October 26, 2020

The Consideration of Climate-Related Risks in an Audit of Financial Statements

The issue of climate change is at the forefront of the minds of many investors and other stakeholders as its impacts are becoming increasingly apparent. The IAASB has recognised that climate change is likely to have some impact on most, if not all, entities and, as a result, has implications for auditors.
July 14, 2020

Goodwill Valuation for Impairment Testing During Recession

For companies with business acquisitions, goodwill forms a substantial percentage of their total assets and equity. For example, as at 31 March 2020, Singtel has more than $11 billion goodwill balance on its balance sheet, constituting about 25% and 40% of its total assets and equity, respectively. Goodwill is also usually a material item discussed in audit reports under key audit matters.
April 8, 2020

VIDEO: Coronavirus considerations for auditors

ICAEW’s Audit and Assurance Faculty shares a recording of its recent webinar looking at the challenges faced by auditors due to the spread of coronavirus: attendance at client sites, stocktakes, valuations, group audits and reporting dates. This webcast, hosted by the ICAEW Audit and Assurance Faculty considered the challenges faced […]
December 19, 2018

CMA proposes overhaul of audit and Big Four

The reforms include splitting the audit and advisory businesses at big accountancy firms, regulatory scrutiny of auditor appointments and management, and a joint audit regime for FTSE 350 companies.