Steve Collings outlines the most common weaknesses picked up during file reviews for both audit and non-audit assignments.
My last article, Accountants Facing Regulation Overload looked at the increasingly burdensome level of legislation facing practitioners, particularly those who also undertake audit work. The article also looked at the criticisms cited by professional regulators, such as ICAEW QAD officers and ACCA monitoring officers.
This article will look at the top ten common weaknesses firms appear to be criticised for during file reviews for both audit and non-audit assignments with the objective of helping practitioners overcome some of these issues.
1. Inadequate working papers
There is no mandatory requirement to document the work that has...