Big news! Inflo Workpapers’ US Audit and US Review template packs have received a clean opinion as being a reliable practice aid in our quality control materials (QCM) examination as of June 30, 2022.
The QCM examination is a third-party verification conducted in accordance with the attestation standards established by the American Institute of Certified Public Accountants.
Amidst changing peer review and QCM standards, we felt this is the best way to give our users additional level of comfort over using our methodology. Although not required, we knew it was important for firms to have an independent review of our QCM relating to the US Audit and US Review template packs.
The QCM examination reviewed a number of criteria, including whether they are:
· Accurate and complete in relation to addressing the relevant professional standards,
· Current and up to date with the most recent standards,
· Objective, in that they are unbiased and don’t include unsupported interpretations, assumptions or judgements,
· Supportive and assist users in performing and reporting on engagements in conformity with the relevant standards,
· Clear and understandable to the intended users, and
· Dependable in that they operate consistently as intended and described and they are fit for the intended use.
As with any other tool or software, this opinion does not take responsibility away from the user. There are inherent limitations with a QCM examination, and it does not mean our methodology can be blindly followed or relied upon with no additional consideration. It simply reinforces our assertion that the Inflo methodology is a great starting point for conducting quality audits and reviews in accordance with the relevant standards.
Auditors and CPAs are still responsible for evaluating the suitability of the methodology procedures and conducting their engagements in accordance with the relevant standards. So, the reliability on the US Audit and US Review template packs are ultimately dependent upon the user and their actions.
Firms and engagement teams must continue to use their own professional judgement in determining what is necessary on each engagement and capturing documentation accordingly but can do so knowing they are following an appropriate methodology.
Our methodology approach is not only appropriate, it is also progressive. Our template packs were created by experienced auditors using a risk-focused, activity-based approach. Rather than a checklist or a direct copy-paste of the standards, our procedures and work programs follow a logical flow of the activities that are typically performed on an engagement.
Fully leveraging our market-leading technologies, our methodology includes the ability to assign users, reviewers and due dates, promoting both workflow and accountability, especially in remote teams.
Another key concept and differentiator of our methodology is incorporating the use of data-driven automation in the appropriate and relevant circumstances. We directly integrate audit data analytics for risk assessment and substantive testing into our procedures to streamline the approach, unlock efficiencies and provide clarity and guidance for engagement teams.
In addition to audit and review, our methodology includes content for specialisms and industries. These adopt the same principles as the US Audit and US Review packs but are tailored to address industry niches.
Our innovative approach to tailoring methodology to industry means the relevant available content will be presented within Workpapers depending upon the client’s industry, either by replacing existing workprograms with industry-related procedures or adding new industry-specific workprograms and risks.
In addition to the US Audit and US Review template packs, the following industry specific and specialist content is currently available:
· Construction, and
Currently in development and due for release in 2023 are:
· Local Government,
· Single Audit,
· Employee Benefit Plans,
· Real Estate,
· Oil & Gas,
· Colleges & Universities,
· Health Care Entities,
· Financial Institutions, and
· Homeowners’ Associations.