AUDITING 2019

This year's hottest topic in the field of small business auditing is a simplified audit. Is it an audit at all, but just an audit? Can auditing be simplified and, if so, with what changes compared to current requirements? In the worst case, simplification could result in an audit being primarily just inquiries and discussions with the accountant and management, which would call into question the reliability of the audit. For example, how much material review is needed in order for the audit to be reliable? Questions and concerns arise from the current situation, where international auditing standards are unnecessarily complex for small engagements. In Finland, legislation is based on "good auditing practice", which, according to the literature in the field, refers to the work method generally followed by diligent auditors. Through auditing, society has wanted to ensure the reliability of financial statement information.