Why Auditors prefer to work with neat and organised Working Papers

Auditors often exhibit a keen focus on meticulously crafted Excel documents, thorough documentation, and impeccable organisational skills. For seasoned professionals in the field, these attributes become instinctive. It may be surprising to learn that most auditors weren’t inherently inclined towards such precision or the creation of intricate working papers. Rather, they developed these skills through […]

The importance of a Letter of Engagement for an Auditing firm Introduction

What is the letter of engagement? The engagement letter is one of the most fundamental elements within an audit engagement. It is in fact, the first step which every audit must start from. In basic terms, this is the written document which both the client and the audit firm conform to, and it outlines the […]

Audit Confirmation Letters: Everything You Need to Know

The Use of Confirmation Letters During the course of an audit, auditors are required to obtain sufficient audit evidence on the basis of which to establish their opinion. Confirmation letters are considered to be among the most persuasive forms of audit evidence because they are received directly from a third party.  What are confirmation letters […]

Why Internal Auditing Is Crucial for Your Business

Introducing Internal Auditing  The word “audit” has now taken a new meaning. Before, an audit was only associated with the annual statutory audit conducted by external auditors. However, due to today’s dynamic business environment, firms are constantly exposed to certain risks, where an entity’s success is based on the ability to adapt to environmental changes […]

Are you exempt from carrying out an audit?

Did you know that you could be exempt from carrying out a statutory audit in Malta? Many asked us if it was possible to save from doing an audit, especially startups. The financial regulator heard such requests and in 2019 issued legal notice 101 which goes by the name Companies Act (audit exemption) Regulations. These new regulations exempts […]

How to pick
your auditor

Choosing the right auditor is an important decision which firms have to make. It is likely that you will work with your auditor year-after-year and their insights are integral to your organisation. So how do you go around and choose the best auditor for your firm? A common misconception shared amongst small and family-owned businesses is […]

Directors’ and Auditors’ Responsibilities

In Malta, the majority of private limited companies rely solely on their auditors to prepare the financial statements as part of the audit process. However, who is ultimately responsible for the financial statements? In preparing this publication, the authors researched different parts of the Companies Act (Chap 386 of the laws of Malta) as well as international […]