Meeting Your Financial Reporting and Auditing Needs

About this Checklist                      

Australian GAAS ‘Auditing Standards Checklists for SMEs’ (approx. 60 pages) is specifically designed for the audit of SMEs with 12 checklists of selected mandatory requirements of auditing standards that are most relevant to the financial statements audit of small to medium entities (SMEs). Priced at $199.00 (inc. GST) for one site, annual license fee.  The Australian GAAS 2008 ‘Auditing Standards Checklists for SMEs’ will be released in March 2008.

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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., litigation, fair value determinations and disclosure, and inventories, are only relevant in specific engagement circumstances. There are also several mandatory requirements that the auditor may not encounter in the audit of SMEs, e.g., testing of controls, using the work of another auditor, and engagement quality control review. Such requirements have been deleted from the checklists for SMEs.

Where these are applicable, reference should be made to Australian GAAS 2007 ‘Auditing Standards Checklists’ that contains 22 checklists of all mandatory requirements of auditing standards, over 400, in the Australian Auditing Standards. Australian GAAS ‘Auditing Standards Checklists for SMEs’ is based on Australian GAAS ‘Auditing Standards Checklists’.

Australian GAAS ‘Auditing Standards Checklists for SMEs’ is structured into five parts:

• Part 1 ‘Planning – Checklist’;

• Part 2 ‘Conduct of Audit Procedures – Checklist’;

• Part 3 ‘Specific Financial Reporting Assertions – Checklists’;

• Part 4 ‘Audit Reporting – Checklists’; and

• Part 5 ‘Engagement Conclusion and Quality Controls – Checklist’.

Australian GAAS ‘Auditing Standards Checklists for SMEs’ is primarily designed for audit firms, auditors and their engagement teams conducting audits of the financial statements of SMEs. The checklists can be used throughout the audit to assist with ASAs compliance on a timely basis, rather than solely at the conclusion of the audit.

Highlights

• Checklists of selected mandatory requirements that are considered to be of particular relevance to the audit of the financial statements of small to medium entities

• Mandatory requirements in the ASAs 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 ASA.

Benefits

• A cost-effective means of complying with Australian GAAS

• Select the checklists that are relevant to a particular engagement, and

• 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.

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