The Accountants Resource Centre (OmniPro ARC) is available to all Audit Practice Members and certain Accounting Practice Members of the IIPA without additional charge. It is a network of technical and practice management resources. The Accountants Resource centre is based on a fully integrated set of Audit Programmes, Working Papers & Associated Templates.
- Fully integrated large company audit programmes and audit file including templates of all working papers and supporting schedules
- Fully integrated small company audit programmes and audit file including all relevant templates
- ISQC1 Compliant Internal Control Procedures Manual that can be easily tailored to reflect the structure of firms both large and small
- Suite of letters of engagement
- Fully integrated accounts preparation and audit exempt files
- Access to commonly raised issues and queries
- Continually expanding and developing suite of resources and tools to assist accountants meet the ever changing wants and needs of clients and Institutes alike
International Standards on Auditing
A complete list of the current International Standards on Auditing as issued by the International Federation of Accountants. (IFAC)
Individual standards can be accessed from the IFAC website. You will need to register for a free account to access these standards.
For the audit of small and medium entities, Members have the option of using the International Standards on Auditing Small and Medium-sized Entities. You can find links to guidance on the use of these standards below:
- Guide to Using International Standards on Auditing in the Audit of Small- and Medium-sized Entities Vol 1
- Guide to Using International Standards on Auditing in the Audit of Small- and Medium-sized Entities Vol 2
- The FRC has also issued a series of Practice Notes which are intended to assist auditors in applying Audit Standards
- Bulletins on emerging issues provide Auditors with timely guidance on new or emerging issues for example in October 2012 a Bulletin was issued providing examples of auditor reports on Irish Financial Statements.
- Guide to PASE
Audit Quality Assurance
The quality of the audit undertaken is supremely important. To this end the International Audit and Assurance Standards Board (IAASB) (a subsidiary of IFAC) has issued a specific standard on Audit Quality:
- International Standards on Auditing and International Standard on Quality Assurance 1 (ISQC 1) deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements. It is also the guidance on which the IIPA bases it’s Monitoring/Quality Assurance system.
- The FRC have also issued guidance on ISQC 1 quality control for firms that perform audits and reviews of financial statements, and other assurance and related services engagements. The standard deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements. This ISQC (UK and Ireland) is to be read in conjunction with relevant ethical requirements.
- You can find out more about the background to the focus on quality assurance on the IFAC website.
Audit Standards in the United States
American Institute of Certified Public Accountants provides guidance on US Auditing Standards.
Internal Audit Standards and Guidance
The Institute of Internal Auditors International Professional Practices Framework (IPPF) is the conceptual framework that organizes authoritative guidance promulgated by The Institute of Internal Auditors. A trustworthy, global, guidance-setting body, The IIA provides internal audit professionals worldwide with authoritative guidance organized in the IPPF as mandatory guidance and strongly recommended guidance.
The International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland)) and International Standard on Quality Control (UK and Ireland) (ISQC (UK and Ireland)) are based on the International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) of the same titles that have been issued by the International Auditing and Assurance Standards Board (IAASB), published by the International Federation of Accountants (IFAC) in 2009, and are used with the permission of IFAC.