Meeting Your Financial Reporting and Auditing Needs

About this Checklist                       

Australian GAAS ‘Auditing Standards Checklists’ (approx. 100 pages) provides 22 checklists of all mandatory requirements of auditing standards, over 400, in the Australian Auditing Standards (ASAs) as at 1 January.  Annual subscription fee $299.00. Australian GAAS 2008 ‘Auditing Standards Checklists’ is to be released March 2008.

View a sample

The 22 checklists can be: included in the audit file as evidence that the mandatory requirements of ASAs have been considered; embedded into audit software (subject to an annual licensing arrangement with Accountnet Pty Ltd); used as platform from which to develop further audit principles as specified in the audit firm’s audit manual; and as a reference, or a training tool.

Australian GAAS ‘Auditing Standards Checklists’ is primarily designed for audit firms, auditors and their engagement teams. It may also be of interest to other professional staff, preparers of financial statements, those charged with governance, new entrants into the accounting profession, auditing academics, and students.

A number of the mandatory requirements of ASAs, e.g., planning, conduct, reporting, engagement conclusion and quality control, apply to all audits; whereas others, e.g., opening balances and inventories, are only relevant in specific engagements circumstances. With this in mind, Australian GAAS ‘Auditing Standards Checklists’ is structured into six parts: Part 1 ‘Planning – Checklist’; Part 2 ‘Conduct of Audit Procedures – Checklist’; Part 3 ‘Specific Financial Reporting Assertions – Checklists’; Part 4 ‘Using Work of Others – Checklists’, Part 5 ‘Audit Reporting – Checklists’; and Part 6 ‘Engagement Conclusion and Quality Controls – Checklist’.

The checklists can be used throughout the audit to assist with compliance with the ASAs on a timely basis, rather solely at the conclusion of the audit. The checklists can also be used to assist in determining which mandatory requirements should be embedded into the firm’s overall policies and procedures, and those that apply to the individual engagement.

Highlights

Checklists of all mandatory requirements, over 400, in the Australian Standards of Auditing as at 1 January each year

Mandatory requirements have been integrated and reordered to closely follow the flow of an audit and re-expressed for the purposes of brevity and simplicity, and

Each checklist requirement is referenced to the mandatory auditing requirement in each ASAs.

We also have checklists specifically tailored for SMEs.

Benefits

A cost-effective means of complying with Australian GAAS

Select the checklists that are relevant to particular engagement

Written by an acknowledged expert in auditing, Colin Parker FCA, Principal GAAP Consulting. Colin has had extensive auditing and standard-setting experience with accounting firms and accounting bodies, and

The Australian GAAS ‘Auditing Standards Checklist’ is available for annual licence fee of $299.00 for one site (embedding the checklist into audit software is subject to negotiation). The checklist is Word format.

To order Australian GAAS ‘Auditing Standards Checklists’, click here.

Paul Cornall, Forsyths Armidale says “I have reviewed the checklist and found it to be very useful, will definitely save time and improve the quality of the audit file. The layout of the checklist into the phases of planning, testing specific areas, reporting and completion is also extremely useful. 

I always find AGAAP’s products to be reliable and provide added comfort that our audit and accounting issues are well covered.

It is critical for June 06 audits that all the bases are covered when planning the audit, conducting interim testing and completing the project. 

The checklist definitely provides this added comfort that the audit was completed to meet audit standards. The checklist will also be useful in training and improving our audit policies and procedures. 

I feel the price of the product is very reasonable”.
 

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