CPS’ Post

A HRSA Audit Guidebook - https://lnkd.in/d3PSBQg7 SPONSORED CONTENT You cannot predict when an audit will happen. But you can prepare. If you operate a 340B covered entity (CE), you know HRSA will eventually come to review your 340B program [...] #340B

ISA for LCE: What you need to know! The ISA for LCE is the new International Auditing and Assurance Standards Board (IAASB) standard for financial audits of less complex entities, a simplified standard that is easy to digest. While not yet adopted locally, it's essential to stay informed. IRBA Standards is gathering views to bring this standard to SA potentially. 👨💻Watch the video and stay ahead of the curve!➡️https://lnkd.in/d4An99TS #SAICATechnical #ISA #LCE

As the #PCAOB adopts new standards for #audit and quality control, start to think about your firm’s training approach. Teams should be accounting for an adjustment period in day-to-day processes. https://ow.ly/92NQ50SB41S

Sharing the Latest IAASB Guidance on Auditor Reporting for Less Complex Entities I’m sharing the recently published supplemental guidance from the International Auditing and Assurance Standards Board (IAASB) on auditor reporting for audits of financial statements of less complex entities (ISA for LCE). This comprehensive document provides additional insights and illustrative examples to support auditors in applying the ISA for LCE effectively. The guidance includes: - Detailed explanations on various elements of the auditor’s report. - Instructions on modifications to the opinion in the auditor’s report. - Use of Emphasis of Matter and Other Matter paragraphs. - Reporting on material uncertainties related to going concern. For professionals that will be involved in auditing less complex entities, this resource is invaluable for ensuring clarity, consistency, and compliance in audit reports. You can access the full guidance here: https://lnkd.in/dUTCt5ef Let’s stay ahead in our practices and ensure we deliver high-quality audits that meet international standards. #Auditing #IAASB #ISAFORLCE #AuditorReporting #FinancialReporting #LessComplexEntities #Compliance #AuditQuality Lebanese Association Of Certified Public Accountants

The importance of audit efficiency is gaining global recognition! Proof of this is the IAASB's International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (known as ISA for LCE), a new standards tailored for smaller, less complex businesses. Issued in December 2023 and effective from December 15, 2025, ISA for LCE aims to provide reasonable assurance while maintaining confidence in financial reporting. This standard promotes the consistent application of auditing standards to LCEs, ensuring audits are both effective and efficient. The standout advantage? ISA for LCE enhances audit quality without compromise, making the auditing process smoother and more effective for LCEs. #Auditing #IAASB #ISAforLCE #Efficiency #FinancialReporting #SmallBusiness #AuditQuality #LCE Lebanese Association Of Certified Public Accountants

Revise Standards on Auditing with your relationship! (SA 300 + 400 series) (Sorry for the analogy but it will help you to remember) Before starting a relationship, even before getting into one, what do you do? Do you just go and ask out? No. We plan first. (SA 300) Thinking about past experiences, we realize it is important to understand the person and the risks involved. (SA 315) Now, according to our income, we look at the budget for gifts. If someone is a CA, they might take them to a cafe, if someone is a CA article, then Ramji Chole Bhature zindabaad. Whether the amount is material or not depends on the person. (SA 320) Even with all the planning, there is always a fear of rejection until the other person responds in the way we had assessed. (SA 330) Sometimes, I have seen students taking another route - their already close friends. They are in a position to increase the chances, right? Always utilize someone else's services when you can. (SA 402) And friends can also give advice based on their own experiences, reminding us to be careful and evaluate things properly. (SA 450) Spoiler alert: In the 500 series, we talk about the story of the girl's best friend. 👀 Is it helping you out to revise even for a few minutes? Do let me know. Seekhna Shuru Toh Jeetna Shuru! #sa300 #sa400 #audit #ca #may24

📢🌍 Exciting News: #IAASB recently issued the ISA for LCE! 👉The standard is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. 🎯 The ISA for LCE is a standalone standard that is proportionate & tailored to the specific needs of an audit of less complex entities. Which makes it easier to navigate for those practitioners who support these types of engagements. 📈 It provides the same level of assurance as an audit performed under the ISAs - reasonable assurance. 🌐 It will help maintain confidence in financial reporting and promote the consistent application of auditing standards to LCEs. ✨It recognizes the importance of smaller businesses and their specific audit needs. 🌎When can it be used? It is the nature of the business that determines if this standard can be used, as well as if it has been adopted in your jurisdiction. Full details on the Authority are included in the standard. 👉To support stakeholders understand and use the ISA for LCE, IAASB has published: 📑 The ISA for LCE standard 📝 A Basis for Conclusions 📊 A Fact Sheet ❓A Frequently Asked Questions document 🎤 A Presentation deck 🚀 In 2024, the board roll out additional resources. Visit below link to read more and access resources👇 https://lnkd.in/dabhcjrU #ISAforLCE #Auditing #Standards #FinancialReporting #GlobalBusiness #LCE #AuditandAssurrance #auditors #riskassessment #Audit #quality

📜 International Standard on Auditing (ISA) For Audits of Financial Statements of Less Complex Entities (LCEs) - ISA for LCEs 👉 The International Auditing & Assurance Standards Board (IAASB) has issued the much-awaited standalone global auditing standard designed specifically for smaller and less complex organizations (SMEs) which assures to provide the same level of reasonable assurance as provided by ISAs. This will help auditors deliver consistent & effective high-quality audits for such entities. 📅 Proposed in December 2020 approved in September 2023 📅 Effective for audits beginning on or after December 15, 2025 for jurisdictions that permits its usage. Early adoption is permitted. Stay tuned for more updates on ISA for LCEs 🔜 . #audit #isa #iaasb #isaforlces #lce

Discover the key details of the Certified Government Auditing Professional (CGAP) certification from the Institute of Internal Auditors (IIA) with Exams Academy Pak's YouTube video! 🎉 This engaging video presents "20 Quick Facts About the Certified Government Auditing Professional (CGAP) Certification from IIA," using beautifully animated text and relevant images to convey the latest information. 📚✨ From exam structure and key domains to eligibility requirements and benefits, each fact is clearly explained to help you prepare effectively and enhance your career in government auditing. Watch now to get the comprehensive insights you need to succeed as a CGAP! 🚀👍

#IAASB communication: "New Standard for Audits of Less Complex Entities Issued by IAASB (New York, New York, December 06, 2023) The International Auditing and Assurance Standards Board (IAASB) today published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities , known as the ISA for LCE. The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. Built on the foundation of the International Standards on Auditing (ISAs), audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The standard is effective for audits beginning on or after December 15, 2025 for jurisdictions that adopt or permit its use." #auditing #auditingservices #smes #LCE