Top ten regulatory review complaints

Steve Collings outlines the most common weaknesses picked up during file reviews for both audit and non-audit assignments.

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Comments

Welldone

Mr.M | | Permalink

Very good article. Would be great to see similar article for small companies; covering issues such as directors loan account disclosure and related party transactions.

 

 

Adrian Pearson's picture

+1 for Very Good Article

Adrian Pearson | | Permalink

Excellent information.

I see an issue for the future, regarding working papers.  Where clients are increasingly using accounting software, firms will wonder what is the point of creating lots of schedules and summaries when the information is already accessible via the software.

Evidencing the work done in reviewing the accounting data, without having to re-create it all in Excel for instance, is a challenge for the accountant, as is the issue of retaining the clients data backup for future reference.  They soon clog up the server!

Good Article

Ayesha Bham | | Permalink

Another good article which will help us. Thanks for this.

James Hellyer's picture

Audit Programmes

James Hellyer | | Permalink

The use of most commercially available audit programmes will lead to over-auditing. My preferred approach would be to use the planning and completion sections of a standard commerical package such as PCAs, and then prepare bespoke audit programmes (or even have them pulled into the highlights memo). That way you know you've covered all the requirements of the ISA, but can apply your own professional judgement more closely to decide the level of risk and work at the assertion level.