The Institute of Chartered Accountants (ICAI) this week announced the launch of two new products aimed at assisting practising accountants in the planning, execution and documentation of audit and accounting work.
‘Procedures for Quality Audit 2008’ which is now available in an Excel format via CD as well as hard copy, has been completely re-drafted with the end-user in mind, and supports a risk-based approach to auditing, according to the Institute.
It went on to explain that the new CD version will allow users to perform audits using an Excel spreadsheet format that can be enhanced by integrated supporting schedules. In addition, the planning section has been focused around a single audit planning memorandum that concentrates on linking audit work to audit risks.
The introduction of the Excel version of PQA 2008 is complemented by another audit-related publication recently produced by ICAI.
‘Audit Exempt: A Guide for Chartered Accountants’ is a new and comprehensive guide from ICAI, designed to help Chartered Accountants to have a standard approach for audit exempt companies. It replaces the ICAI Compilation procedures for audit exempt company pack.
“Initial feedback regarding the new products is very encouraging and users appear pleased with the new format and ease of navigation” according to Conal Kennedy, Senior Consultant with ICAI Practice Consulting.
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