What about PN 26 implementation I agree with most of the comments made by Andrew, Ayesha and Owen.
I think the main issue is that many of the firms have not yet fully grasped the requirements of the many of the ISAs, some of which are very onerous, particularly in relation to control, fraud, risk, etc.
PN 26 is meant for small companies but still requires the understanding of ISAs to document the matters applcable to the entity being audited.
As Andrew mentioned, the firms are inclined to address all matters on the audit programmes (that are available in the market). So how will PN 26 be implemented has to be seen.
My answers
What about PN 26 implementation
I agree with most of the comments made by Andrew, Ayesha and Owen.
I think the main issue is that many of the firms have not yet fully grasped the requirements of the many of the ISAs, some of which are very onerous, particularly in relation to control, fraud, risk, etc.
PN 26 is meant for small companies but still requires the understanding of ISAs to document the matters applcable to the entity being audited.
As Andrew mentioned, the firms are inclined to address all matters on the audit programmes (that are available in the market). So how will PN 26 be implemented has to be seen.