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Anatomy Of A 12 Hour ISA Audit Of A Micro-Entity

This article, prepared by Phil Cowperthwaite of Cowperthwaite Mehta in Toronto provides guidance and encouragement to auditors who are considering entering the field of auditing micro-entities and those who want to increase their current engagement efficiency. The premise is that auditing micro-entities is a specialty in itself and not something just anyone trained in auditing can do efficiently. In short, this service is not for the “hobby auditor”. Phil is speaking particularly to seasoned practitioners with good communication skills who are willing to invest time up-front to obtain a thorough understanding of the new audit standards. Knowing how to use the new standards effectively and combining this knowledge with industry specialization, practice automation and sector-appropriate staffing will result in greater efficiencies in performing audits.

Thought provoking, the article challenges the common perception that the cost of complying with auditing standards makes it impossible to audit small entities.

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