As estate agents will tell you, the three most important things to do with selling your property are ‘location, location, location.’ Well, the same applies to preparing for a Quality Review visit from your professional body. The three P’s to a successful Quality Review visit are Preparation, Preparation, Preparation.
The main problem area that underpins most issues that arise in audit files is lack of written evidence, collected on an audit assignment, that is sufficient and appropriate to allow the auditor to give an audit opinion that the financial statements are true and fair.
Part of the preparation will include keeping up to date with the audit regulations, independence rules on issues like ‘long association’ and fee dependency, audit and accounting standards currently in issue and being aware of the technical arguments that may arise. To test your knowledge on one of these technical points in particular, try this question:
‘Now that Practice Note 16 (Bank Reports for Audit Purposes) has been withdrawn by the Financial Reporting Council, auditors don’t need to waste time chasing bank enquiry responses any more. True or False?’
For the answer to this and other questions on Preparing for an Audit Quality Review Visit, go to our website and download the 41-minute-long webinar, on this topic. Receive a CPD certificate for your newly gained knowledge, on successful completion.
All our webinars are accessible at any time (for 12 months from date of purchase) here.