Not documented not done. This is the fundamental approach to auditing which is purely an exercise in collecting evidence and document it in arriving at the audit opinion. The auditor will be taking great risks in arriving at a professional opinion on the financial statements of an entity without amassing sufficient and appropriate audit evidence to support the opinion whether modified or not. Once the evidence is collected or created it remains meaningless until it is appropriately documented. Modifying an opinion without sufficient evidence and documentation is as wrong as issuing an unmodified opinion without having sufficient grounds to do that. There isn’t only one or few standards on auditing which regulate audit evidence and documentation because all standards are pinned to the common thread of obtaining and documenting evidence. Whether it is external evidence, internal evidence or evidence processed and produced by the auditor, meticulous, complete and valid documentation of all the steps in arriving at a conclusion underpins all the standards on auditing. Moreover, ISQC 1 now ISQM 1 insists throughout about the necessity of documenting all the steps relating to risk management of the firm around accepting clients, continuing with clients, quality assurance and governance of the firm. This session is all about the fundamentals of auditing and reducing the all-important audit risk in a more litigious environment.
This session is of interest to all persons or firms carrying out audits of all companies of any size. It is also of interest to practising accountants in business who are major producers of audit evidence. It is also of interest to students of accounting and particularly auditing.
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Mario P Galea is a certified public accountant holding a warrant to practice both as an accountant and as an auditor. Currently practising as a business advisor providing governance oversight and advisory services to businesses and corporations. Serves as an independent non-executive director on the boards and audit committees of various listed companies in the financial and commercial sectors. Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm EY in Malta until retirement in 2012. Specialised in auditing and assurance which he has practiced for 35 years in Malta and abroad. Lectured in auditing, assurance and professional and business ethics and led several training courses. Speaker at various business and professional conferences in Malta and abroad. Assisted businesses in several areas particularly relating to governance, accounting and systems of control. Served as President of the Malta Institute of Accountants and for many years formed part of the Accountancy Board which is the accountancy profession regulator in Malta. Served on various professional committees in Malta and abroad such as the council of the Federation des Experts Comptables (FEE) in Brussels (now Accountancy Europe). Member of the Ethics and Regulatory committees of the Malta Institute of Accountants in Malta.
