Description
Course outline
The Independent Regulatory Board for Auditors (IRBA) released its 2024 Public Inspections Report on 3 April 2025. The focus continues to be on improved audit quality, and the results reflect a steady improvement therein.
This session delves into the results of the report, including the deficiencies, themes and trends on firm-wide and engagement levels, as observed by the IRBA during the year’s inspections 2023/2024 cycle.
Content
The areas we will be covering in the session are:
1. Selection of firms and files for inspection
2. Key areas for 2024 highlighted in the report:
a. Consistent improvement in audit quality
b. Full adoption and successful implementation of the quality management standards
c. Reduction in referrals for investigations
d. Remediation of deficiencies and strengthening of internal processes by firms
e. Technological advancements through the adoption of advanced tools and techniques (ATTs)
3. Inspections results
a. At the engagement level
b. At the firm level
c. Firm-level themes, trends and deficiencies
i. Information technology (IT)
ii. Professional judgement and professional scepticism
4. Remedial action process
a. Root cause analysis (RCA)
b. Remedial action plans (RAPs)
c. Proactive monitoring and continuous improvement
5. The way forward
a. Continuous improvement of audit quality
Important to note:
- The course is open for 12 months and will then close
- Certificates will be issued on the date of assessment
