Minimizing Liability Arising from Audit Risk.

Procurement and Audit notes revision

• Proper recruitment and training of all personnel.
• Allocation of staff with appropriate ability to particular audits.
• Planning the work of the firm in such a way that each audit can be approached in a relaxed but disciplined way and timing problems may be accommodated.
• Two-way communication with staff on matters of general concern and in connection with special audit.
• Use of audit manuals which conform to the audit standards and guidelines.
• Use of audit documentation which is comprehensive and yet allows for special situations.
• Use of budgeting and other techniques to ensure that audits are remunerative and yet risk minimizing.
• Use of precise and frequently updated letters of engagement.
• Use of review techniques for all audits.
• Existence of a technical section so that all new developments accounting law and audit procedures are rapidly incorporated into the firm’s actions.

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