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External Audit Manual

External Audit Manual Template for Australia

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Key Requirements PROMPT example:

External Audit Manual

"I need an External Audit Manual tailored for a mid-sized accounting firm specializing in financial services clients in Australia, with particular emphasis on fintech companies and digital payment systems, to be implemented by March 2025."

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Document background
The External Audit Manual serves as the cornerstone document for audit firms operating in Australia, providing authoritative guidance on conducting statutory audits in compliance with local regulations and professional standards. This manual is essential for establishing consistency in audit methodology, ensuring quality control, and maintaining compliance with the Corporations Act 2001, ASIC requirements, and Australian Auditing Standards. It is designed to be used by audit practitioners at all levels, from junior auditors to partners, and covers the entire audit process from client acceptance to final reporting. The manual incorporates requirements from relevant regulatory bodies, professional organizations, and standard-setters, while providing practical guidance for implementing these requirements in audit engagements across various industries.
Suggested Sections

1. Introduction and Purpose: Overview of the manual's objectives, scope, and how to use the manual

2. Regulatory Framework: Summary of relevant legislation, standards, and regulatory requirements governing external audits in Australia

3. Quality Control Systems: Firm-wide quality control policies and procedures for audit engagements

4. Ethics and Independence: Requirements and procedures for maintaining professional ethics and independence

5. Audit Engagement Process: Step-by-step guidance on the audit engagement lifecycle from client acceptance to completion

6. Risk Assessment Procedures: Methodologies for identifying and assessing audit risks and materiality

7. Audit Evidence and Documentation: Requirements and procedures for obtaining and documenting audit evidence

8. Sampling Methodologies: Guidelines for audit sampling techniques and sample size determination

9. Review and Supervision: Procedures for review of audit work and supervision of audit team members

10. Reporting Requirements: Guidelines for audit report preparation, modification, and communication with those charged with governance

11. File Assembly and Retention: Requirements for audit file compilation, archiving, and retention

Optional Sections

1. Industry-Specific Guidance: Specialized audit procedures for specific industries (e.g., financial services, mining, retail) - include when the firm serves clients in these sectors

2. Group Audit Considerations: Additional procedures and requirements for group audits - include if the firm performs group audits

3. IT Audit Procedures: Specialized procedures for auditing IT systems and controls - include for firms with clients having complex IT environments

4. Using the Work of Experts: Guidelines for using subject matter experts - include if the firm regularly requires specialist expertise

5. Cross-Border Considerations: Procedures for handling international aspects of audits - include if the firm has clients with international operations

Suggested Schedules

1. Appendix A - Audit Programs: Standard audit programs for various account cycles and assertions

2. Appendix B - Documentation Templates: Standard templates for working papers, checklists, and confirmation requests

3. Appendix C - Risk Assessment Tools: Templates and guidance for risk assessment procedures

4. Appendix D - Quality Control Checklists: Engagement quality control review checklists and tools

5. Appendix E - Report Templates: Standard templates for various types of audit reports and management letters

6. Appendix F - Independence Questionnaires: Standard forms for documenting independence considerations

7. Schedule 1 - Materiality Guidelines: Detailed guidance on calculating and applying materiality

8. Schedule 2 - Sample Size Tables: Reference tables for determining appropriate sample sizes

9. Schedule 3 - Industry Benchmarks: Industry-specific ratios and benchmarks for analytical procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































Clauses






























Relevant Industries

Financial Services

Mining and Resources

Manufacturing

Retail and Consumer

Technology

Healthcare

Real Estate

Professional Services

Non-profit Organizations

Government and Public Sector

Education

Transportation and Logistics

Relevant Teams

Audit

Quality Assurance

Risk Management

Methodology

Technical Services

Learning & Development

Compliance

Professional Standards

Relevant Roles

Audit Partner

Audit Director

Senior Manager

Audit Manager

Senior Auditor

Staff Auditor

Graduate Auditor

Quality Assurance Director

Technical Director

Risk Management Partner

Methodology Partner

Training Manager

Compliance Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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