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Changing your auditor can seem like a daunting task, but it can also be a powerful step for your organisation. Staying with the same auditor for years may bring comfort and familiarity, but it can also prevent you from unlocking your full potential. The practise of audit is a regulated profession and must adhere to the pronouncements of the Auditing and Assurance Standards Board (IAASB). There are standards for practically every facet of an audit. The specific standard that regulates the rotation of an auditor is ISA 220, “Quality Control for an Audit of Financial Statements.” ISA 220 provides for the need of an auditor rotation to enhance auditor independence and objectivity. This can help to prevent the development of long-term relationships between auditors and clients, which can impair the…

There are several common pain points that non-profit organizations in East Africa experience when engaging with auditors of financial statements. Whereas audit findings can vary widely depending on the specific circumstances of each organization. From our experience with audits of non-profit organizations, there are certain areas that may be commonly identified as issues during the audit process, including but not limited to: Lack of proper financial documentation: Non-profit organizations may have inadequate documentation or records of their financial activities, which can make it difficult to accurately report on their financial position. Non-compliance with financial regulations: Non-profit organizations may not be fully compliant with financial regulations, such as requirements for financial reporting or restrictions on the use of funds. Weak financial controls: Non-profit organizations may have weak financial controls, such as…

An auditor is a professional who examines and evaluates an organisation’s financial statements to ensure that they are accurate. They also review the internal controls of a company to make sure that they are effective. Auditors play an important role in ensuring the accuracy of financial statements and helping to protect investors, donors, and other stakeholders. Types of auditors External auditors An external auditor is an independent professional who examines the financial statements of an organisation to ensure that they are true and fair. They also review the internal controls of to make sure that they are effective. External auditors are an essential component in building public trust in institutions and guarding against the excesses of senior management. Investors and other interested parties rely on the external audit to provide credible assurance…