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Audit Methodologies other than Mercia

Can anyone point out any audit methodologies (other than mercia) which they currently use and are time efficient for smaller entities ? ie no endless tick lists and time wasted producing countless schedules? We currently use Mercia but feel that in most occasions its "too much" for the type of clients we audit. Thanks !

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22nd Jul 2011 13:59

Audit Programmes

All the standard offerings are just endless check lists and countless schedules that are all just as unsuitable for small entities.

You could try developing your own programme but the time involved at the outset and then updating would likely negate any benefit.

 

 

 

 

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22nd Jul 2011 15:16

Roger Bryant

Hi

Roger Bryant who edits 'Small Company Reporting Ltd' produces audit programmes and I know he deals specifically with firms who deal with the smaller companies so I would recommend you look into his programmes.  I know he's done a lot of work updating them for the Clarity ISAs as well so they'll be up to date.  I'm not sure how much they are but I think if they are written by Roger you can rest assured they'll be fit for purpose.

Best regards

Steve

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By Old Greying Accountant
23rd Jul 2011 22:55

We use PCP

They are not expensive and have just been re-written for the clarity isa's and all other recent changes.

They are written by Michael Scott and Alun Morgan who I believe train the ACCA audit monitors, they also provide models working papers so you can see the standard you should aspire too - the PCP programmes encourage you to think about the audit and not just tick boxes.

www.pcplimited.com

I would also recommend the PCP audit workshops as an interesting and informative way of filling your CPD requirement. I think they now do online training too.

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By vasquez
25th Jul 2011 16:09

PCP

What format is PCP in? Word? Excel? Does anyone have any reviews on "In Practise Software". Thanks for your help very useful stuff !!

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By Old Greying Accountant
26th Jul 2011 09:35

PCP ...

... is in Word.

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26th Jul 2011 10:59

Have you heard of Tailoring?

The point with the Mercia audit packs is that you should tailor them to each individual client!!! This should be done as part of the audit planning.

Im afraid to cover the requirement of the ISA's there is inevitably going to be lots of form filling.

Have you considered electronic audit files - Caseware?? Much more efficient!!

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By DMGbus
26th Jul 2011 13:21

Tailoring can be very time consuming

Bearing in mind that there's a baffling array of documents in the Mercia package - even for non-audit Ltd Co assignments - a considerable time investment is needed to read and understand all the 3,525 words or so per document before being able to decide how to tailor the garbage.  {A good insomnia cure, but not good for efficiency}.

Once one document has been tailored (several hours work) then that one tailored document can be used for the same client in subsequent years and, by "search and replace" in Word used for other similar clients.

Even so, I see it as way OTT for non-audit jobs, but "the idiots in charge" insist on it.

As I see it firms NOT using the Mercia package must be at a commercial advantage - several hours per client time saved by NOT using 3,525-word documents for small simple Ltd Co accounts.

So, the OP's quest for something simpler has a lot of merit and I await with interest to see a realistic alternative to Mercia's OTT paperwork referred to.

If all the non-audit Ltd Co file schedules are as OTT as the Mercia product, then the answer for me is "just do the job" and forget the OTT bureaucratic planning with documents of 3,525 words being consigned to the Recycle Bin.

 

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