5 Ways to Improve Your Efficiency with Audit System

  1. Assign Procedures to your Risks As part of the Audit Process, risks must be identified for audit engagements, and the audit then designed to address these risks. When you assign risks to an existing or new procedure, you are also creating the audit response for your auditors. ** See more… 
  2. Add your Client’s Controls to your engagement and assign your Risks to these controls As part of the Audit Process for a larger audit, you must identify your client’s controls and then evaluate if these controls are mitigating your identified risks. The inclusion of client controls would usually only occur in the first year of the engagement and roll forward to subsequent years (unless there has been an identified change in client control processes). Permanently setting up a matrix to analyse all identified risks against the client’s internal controls and provide a quick analysis whether or not the control is effective can be a real timesaver. ** See more… 
  3. Add Management Letter Points to your engagement for any controls that are ineffective If a client control is ineffective against the identified risks, you can create a Reportable Item (Management Letter Point) to report to those charged with Governance. This is an effective way to document any observations arising from the audit that is significant to the client’s governance personnel with responsibility to oversee the financial reporting process. The Reportable Items (and any identified as significant) all get collected in a predefined Management (or/and Governance) Letter. ** See more… 
  4. KAMs and Audit Report Did you know that we have already drafted from the appendix of ASA 700, 701, 705, 706, 710, 720 and 800, the Independent Audit Report? Using controls at the top of the workpaper, you are able to pick and choose specific requirements associated with an engagement file that will produce an audit report with all the key requirements. Note: Auditors still need to amend and adjust as the generated report is not the final report, but this can create a lot of efficiencies. As per ASA 701, Auditors can also, using KRPT, document KAMs (Key Audit Matters) and present them on the Audit Report. Read more…
  5. Completion Memorandum As an audit partner, reviewing and signing off multiple files at a time can be a tedious and time-consuming task. Maintaining no loose ends and ensuring the engagement file’s consistency can also be a difficult administrative job. To assist with this task, document 6-150 Completion Memorandum was developed. The workpaper contains multiple pre-populated linked reports and automatic documents from which you can review the current status of the file. Read more…