We would like to share with you on one of the useful / fruitful auditing techniques for jounior / senior auditors / executive / managers - talking to audit clients.
What we noted recently in the auditing industry is we noted that auditors have been spending time in digging out documents / reviewing documents / checking sales invoices, suppliers' statement of accounts, goods- received notes etc etc. No doubtul that test check to supporting documents is an important element of our audit. However, it is also important to talk to our audit clients.
By talking to our audit clients ( or rather chatting), we will understand that significant business developments, potential changes to the business, significant accounting and auditing issues - all these may help us to identify issues. Identifying accounting and auditing issues allow us to address the issues and resolve the issues earlier.
Certain changes may not be easily identifiable/ visibly obsivous from the financial results. A discussion with audit client may make you become aware of the impact of certain changes / events/ matters. As a result, we emphasize to all auditors on the importance and the need of talking to our audit clients frequently. Maintaining a good relationship with audit clients allow you to execute the audit smoothly.
What we noted recently in the auditing industry is we noted that auditors have been spending time in digging out documents / reviewing documents / checking sales invoices, suppliers' statement of accounts, goods- received notes etc etc. No doubtul that test check to supporting documents is an important element of our audit. However, it is also important to talk to our audit clients.
By talking to our audit clients ( or rather chatting), we will understand that significant business developments, potential changes to the business, significant accounting and auditing issues - all these may help us to identify issues. Identifying accounting and auditing issues allow us to address the issues and resolve the issues earlier.
Certain changes may not be easily identifiable/ visibly obsivous from the financial results. A discussion with audit client may make you become aware of the impact of certain changes / events/ matters. As a result, we emphasize to all auditors on the importance and the need of talking to our audit clients frequently. Maintaining a good relationship with audit clients allow you to execute the audit smoothly.
This comment has been removed by the author.
ReplyDeleteInformative post.Thanks for sharing useful one.Keep it up.If you want any Auditing related details & doubts more ... Fraud Prevention
ReplyDeleteDuplicate Payment
AP Vendor Helpdesk