“Rapidly shifting economic conditions, significant regulatory changes and an uncertain future should lead to lively planning sessions on a host of important topics, from International Financial Reporting Standards (IFRS) considerations to fair value discussions and deeper conversations about risk and enterprise risk management,” said Keizer. “There’s no question companies will be relying on their auditors to find additional cost efficiencies for next year’s audit — and that auditors will be working hard to ensure their resources are properly focused in ways that enhance audit quality.”
The article also includes a list of topics that are likely to be raised in discussions between audit professionals and company management over the work of internal auditors. It also outlines what an auditor may consider when assessing how the work of a company’s internal audit function can be used in connection with external audit procedures without sacrificing auditor independence or audit quality.