Members' Area

Audit & Assurance

Ensuring Quality

Following the financial scandals of recent years, it is increasingly important that businesses can be satisfied that their auditors are performing their services to the highest quality standards. Nexia International has put in place procedures and standards which are required to be met by all new members and as a condition of continuing membership.

There is an ongoing quality control review programme co-ordinated by the Nexia International Audit Committee carried out using procedures based on the principles underpinning the Nexia International Audit Manual. Members are kept up to date in respect of developments in audit and quality control standards through presentations, newsletters and the members' area of this website.

Audit Approach

The Nexia International Audit Manual sets out the principles by which all member firms are required to carry out their audit work. The manual is compliant both with International Standards on Auditing and the ethical requirements of the International Federation of Accountants.

The approach focuses on the following areas:

• Gaining a thorough understanding of the client's business
• Assessing where there is a risk of material mis-statement in the financial statements subject to audit and considering the client's controls to address those risks
• Planning and performing audit tests designed to obtain evidence of the key financial statement assertions
• Review and quality control procedures that ensure the planned work has been carried out and that appropriate conclusions have been reached
• Forming an opinion and reporting that opinion.

Membership

The responsibility for quality control and the Nexia International Audit Manual rests with the Nexia International Audit Committee.