ASQM1 updates in Audit Reports

From 15th December 2022, all firms and practitioners providing any level of audit and assurance services will need to comply with the new Auditing Standard ASQM 1 issued by AUASB.

Due to the above update, we have updated the Audit Reports issued by Cloudoffis. The content of ASQC1 has been replaced with the content of ASQM1 under Independence and Quality Control.

The content below in red which is striked through have been replaced by the yellow highlighted content in all 4 Audit reports provided by Cloudoffis: 

Independence and Quality Control

 

I have complied with the independence and other ethical requirements relating to assurance engagements, and applied Auditing Standards ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements in undertaking this assurance engagement. In particular, neither myself, my firm or my network firm assumed a management responsibility for the fund. Where my firm or network firm provided any other non-assurance services to the fund, we are satisfied that those services were not prohibited under the Code and any independence threats arising have been eliminated or reduced to an acceptable level by the application of safeguards.

Below is the screenshot of the Unqualified Audit Report template from Cloudoffis:

• Related Articles

• Automatic Reports List Sent From SMSF Sorted to Audit Portal (Class)

  Automatic Reports Sent From SMSF Sorted to Audit Portal (Class) The below matrix lists all reports that are automatically imported and bookmarked to the relevant bucket or section in SMSF Sorted (when applicable to the fund), these are then ...

• Class reports automatically imported and tagged

  Overview When importing a lead schedule into SMSF Sorted from Class, a number of reports are imported via API. This article outlines which reports are imported. Imported reports from Class Activity Statement Preparation Report *only if the fund is ...

• EOFY Updates - FY24

  End of the Year Updates for FY 2024 Following are the end of the year updates for Auditomation for FY 2024. Checklist Template: We have reworded and updated the terminology in the Checklist Template. Please note, there are no changes to the rules or ...

• Generating and Downloading Audit Files

  Generating Audit Files At any stage of your audit, you have the opportunity to generate an Audit File.  Generally, this file is generated once an audit is completed.  The file can be generated before or after the audit job is changed to the completed ...

• Manage Audit Letters & Auditor Templates

  Introduction Accountants can easily generate Pre and Post Audit Letters using the templates shared by auditors. Follow the steps below to generate Pre & Post Audit Letters and reports in just a few clicks. How to View and Generate Audit Letters Step ...