Monday, 7 July 2008  
 
Auditors of small- to medium-sized enterprises (SMEs) have a new tool at their disposal to help them understand and implement recent ‘force of law’ Australian Auditing Standards. 
 
The Institute of Chartered Accountants in Australia (the Institute) has long recognised the need to assist smaller practitioners in applying auditing standards, and has released an audit manual that aims to do just that. 
 
“The issue for smaller firms is that they often do not have the resources to regularly update their audit methodology to accommodate changes to standards and ensure compliance. This is more important than ever, given that there are now more ‘black letter’ requirements and that for Corporations Act 2001 engagements, it is potentially a criminal offence if practitioners do not comply with the standards,” said the Institute’s Head of Audit, Andrew Stringer.  
 
“Given the many changes to auditing and accounting standards, we see this as a tool that will be of significant benefit to smaller practitioners in particular,” he said. 
 
The manual, which is freely available on the Institute website, provides a detailed analysis of the Australian Auditing Standards with an illustrative case study to further explain how the requirements apply to the audit of an SME. An accompanying toolkit, complete with forms, checklists and programs necessary for conducting an audit, is also available for purchase to supplement the manual. More information is available at www.charteredaccountants.com.au/audit 
 
The Institute will hold scenario-based training sessions throughout September to support members with the manual’s implementation.  
 
Training dates are as follows: 
 
Sydney – Tuesday, 2 September 2008 
Brisbane – Wednesday, 3 September 2008 
Melbourne – Friday, 5 September 2008 
Parramatta – Tuesday, 9 September 2008 
Adelaide – Friday, 12 September 2008 
Perth – Wednesday, 17 September 2008