Too often, our audits become an exercise in blindly following checklists and programs that have either been built up over prior years or supplied as part of standard templates or manuals sold by technical content providers or professional organisations. While compliance with fundamental principles of auditing standards is vital to the credibility of the audit profession, it is equally important that auditors apply their own knowledge and experience in forming an opinion. So why is professional judgement so important? And what are the benefits that can be obtained through the proper application of professional judgement?
In July, ASIC released its areas of focus for 30 June 2013 financial reports. Their areas of focus are based on the findings of the review they conducted at 31 December 2012. This target audience of this document includes directors, preparers of financial statements and auditors.
This month at Auditflow the team has been busy preparing our new suite of training packages, which have been designed to educate users on basic and advanced functionality, as well as how to drive efficiencies in the audit process using Auditflow.