Audit firms should comply with all relevant International Standards on Auditing (ISAs) when carrying out their Audit engagements of Financial Statements.Our AUDITS.Coach is a fully automated digital system that takes you step by step thoughout all stages of an Audit engagement ensuring that your engagement work complies with all relevant ISAs
An aided Ethical Requirements and other criteria checklist to decide whether to accept or renew the business relationship with your client
Understand your client's external and internal environment through walkthrough analysis of its major process cycles and controls
Calculate the overall materiality and the performance materiality to be used within your audit engagement testing
Set out your strategy and plan ahead on how to conduct your audit engagement by specifying specific completion deadlines
Conduct risk assessment of inherent, control and audit risk and identify areas of a likely misstatement on the Financial Statements
Test controls and carry out analytical procedures to reduce the risk of mistatements on the Financiai Statements
Statistical Sampling is employed and the system picks how many and which items to be tested given a specific confidence level
Finalize the audit engagement at the Reporting stage, by assessing the audit evidence obtained and issuing the auditor's report
The entire client's audit file and all relevant documentation is assembled locked and retained for a period of 7 years
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