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DC Field | Value | Language |
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dc.date.accessioned | 2023-05-08T10:01:40Z | - |
dc.date.available | 2023-05-08T10:01:40Z | - |
dc.date.issued | 2022 | - |
dc.identifier.citation | Montebello, L. (2022). Revised ISA 315 and its impact on the audit of SMEs (Master's dissertation). | en_GB |
dc.identifier.uri | https://www.um.edu.mt/library/oar/handle/123456789/109211 | - |
dc.description | M. Accty.(Melit.) | en_GB |
dc.description.abstract | Purpose: The scope of this dissertation is to get an insight from auditors with respect to the implementation of the revisions to ISA 315. This study will also consider the current circumstances of the Covid-19 pandemic with particular focus on SMEs and the applicability of the revised 315 Standard within this environment. Design: The research methodology adopted was a qualitative one. Structured interviews consisting of open-ended questions were conducted with 10 auditors from the Big4 firms and SMPs including sole practitioners. Findings: As the revised ISA 315 introduced new concepts certain audit firms, particularly the Big4 firms, were already aware on how such concepts are applied within the audit. These concepts provide the necessary guidance to aid auditors conduct their work in an efficient and effective manner. However, it was noted that the revisions to the standard are more applicable to larger and complex companies then SMEs. Nonetheless, locally most of the companies are with different risks, which impact the audit, particularly going concern. This was also a major concern for businesses and auditors during the pandemic, due to the uncertainty of whether or not company’s operations will be stalled in the foreseeable future. Conclusions: Auditing is made up of a number of correlated tasks, making it even more important for auditors to work attentively and abide by the auditing standards. Regular training is a necessity in order to be kept abreast with the revisions. Furthermore, the extent to which the repercussions brought about by the Covid-19 pandemic have impacted businesses is greatly determined by the industry a business operates in. SMEs were at a greater disadvantage due to having limited resources when compared to larger businesses. In view that the local economy is mostly comprised of SMEs, new regulations that would be applicable to SMEs, similar to GAPSME, would possibly promote an even healthier economy. Value: This study will provide an understanding on the key aspects of identifying ROMM which are crucial to any audit, in light of the current global pandemic and the revised ISA 315 standard that will be effective as of 2022. | en_GB |
dc.language.iso | en | en_GB |
dc.rights | info:eu-repo/semantics/restrictedAccess | en_GB |
dc.subject | Small business -- Malta | en_GB |
dc.subject | Small business -- Auditing | en_GB |
dc.subject | Auditing -- Standards | en_GB |
dc.subject | COVID-19 Pandemic, 2020- -- Malta | en_GB |
dc.title | Revised ISA 315 and its impact on the audit of SMEs | en_GB |
dc.type | masterThesis | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.publisher.institution | University of Malta | en_GB |
dc.publisher.department | Faculty of Economics, Management and Accountancy. Department of Accountancy | en_GB |
dc.description.reviewed | N/A | en_GB |
dc.contributor.creator | Montebello, Leandra (2022) | - |
Appears in Collections: | Dissertations - FacEma - 2022 Dissertations - FacEMAAcc - 2022 |
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2218EMAACC597100010836_2.PDF Restricted Access | 1.24 MB | Adobe PDF | View/Open Request a copy |
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