The ICPAU has a statutory mandate to regulate and maintain the standard of accountancy in Uganda. The Institute conducts audit monitoring reviews of all registered audit firms in Uganda. The Institute’s audit monitoring programme began in September 2007.

Purpose

The audit monitoring programme aims at serving the public interest, by ensuring that audits performed by ICPAU members are conducted in accordance with the applicable professional standards, legal and other regulatory requirements.

Anticipated Benefits

1) Compliance with professional standards will be promoted.

2) Users of financial statements will have reasonable assurance that professional standards have been complied with in the performance of audit and other related services.

3) Through the assurance of the quality of audit services, the image and status of the accountants in public practice will be enhanced.

4) Auditors will comply with the Institute’s ethical requirements, ensuring that professional competence and independence is maintained.

5) The audit monitoring programme will provide practitioners a learning opportunity, to enable them take corrective actions on weaknesses identified.

6) The Institute will be able to identify training needs and to provide a relevant CPD programme for the practitioners.

Review Methodology

The audit monitoring programme is conducted in a three-year cycle, within which all registered audit firms are subjected to at least one audit monitoring review. More frequent visits may be conducted based on the review assessments of the firm.

The audit monitoring reviews are carried out by professional, qualified staff who are required to meet strict confidentiality and independence requirements.

Audit Quality Review (AQR) Checklist

This document was developed by the ICPAU Audit Monitoring Team and is used in carrying out the audit monitoring reviews. The document sets out the requirements for audit monitoring as well as the detailed procedures applied by the audit monitors.

ISQC 1 Guide to Quality Control for Small and Medium-Sized Practices

The Guide, issued by the IFAC Small and Medium Practices (SMP) Committee, provides a detailed analysis of ISQC 1 and the requirements in the context of a small and medium-sized practice. The Guide addresses the key concepts of leadership responsibilities for quality within the firm, relevant ethical requirements, acceptance and continuance of client relationships and specific engagements, human resources, engagement performance, monitoring, and documentation.  It offers guidance to firms on how to approach quality control through their own policy development and provides some useful practice aids.

Quality Control Questionnaire

This was developed and is used by the ICPAU Audit Monitoring Team, in carrying out the audit monitoring reviews, to obtain information about the quality control policies and procedures in place at firm level.  The questionnaire is organised around the elements detailed in the International Standard on Quality Control 1 (ISQC 1).