2010 ASIA/PACIFIC CONFERENCEQuality Update

Simon Riley, Nexia International Technical & Quality Manager

Quality Control Reviews (QCR)

• Why do we have Quality Control Reviews?

What purpose do they serve?

• What does a QCR involve? Scope ISQC 1,

under review (what do we mean by “quality”?),

limited scope reviews

• More information: www.nexia.com

www.nexia.com/members/audit_quality_review.php

Quality Control Reviews (QCR)

• Approx 206 firms subject to QCR:

currently firms providing audit & assurance services

• 3-4 year cycle

• YE 31/10/2010: approx 59 reviews

NCA: 9, SA: 6, E: 25, MEA: 8, AP: 11

• Cost of each review

Quality Control Reviews (QCR)

• Year-to-date (6 months ended 30 April

2010) we have performed 20 reviews on

firms in the following countries:

– Australia (5), Bahrain, Gibraltar, Holland (4),

Hungary (3), Portugal, Russia (2), Spain (2),

Turkey

Quality Control Reviews (QCR)

• Since 1 November 2009, we have also

completed

9 reviews of firms in the following countries

where the review visit took place in the

2008/09 financial year:

– China (2), Hong Kong, Korea, Mongolia, Singapore

(2), Switzerland, USA

Audit Software – CaseWare

• Our approach

• What have we done so far?

– Webcast held on 8 Feb ... available online at:

https://www1.gotomeeting.com/register/219715208

• What’s in the pipeline?

– Global access arrangement – announcement pending

– In the meantime, please contact me for more information

Independence

• Our approach

• What have we done so far?

– Independence page on www.nexia.com member’s area

http://www.nexia.com/members/independence.php

• What’s in the pipeline?

– https://nimo.nexia.com

– Guidelines on our approach to independence and request for

member firms pending

IFRS Learning – Emile Woolf

• Professionally-recognised qualification in

IFRS

• Regular IFRS updates

• Online study will become available:

– https://clients.emilewoolf.com

• Study guide (next slide)

IFRS Learning – Emile Woolf

Other initiatives

• Audit Manual revision (Audit Guide)

• Regular IFRS update webcasts

• Technical assistance

• Professional publications

Thank you!!!

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