Audit Execution Tops Tips – Better Data
Gaining access to data from client accounting systems opens many opportunities to advance the effectiveness of audit execution. It also reduces your reliance on client contacts to provide reports or iteratively engage with your team to perform testing.
It also allows you to better project manage across a portfolio of client engagements. You can deploy your resources and utilise staff more flexibly to perform work earlier and remotely. Examples include performing risk assessment, sample selection and testing.
Version control issues are eliminated through greater diligence and management of the information being tested. This allows your team to focus on executing the audit without having to wrestle with reconciliations and tie together numbers which are moving.
You can even consider the involvement of tax or advisory specialists and the need for other expertise at a much earlier point in the audit. This allows colleagues access to the information they need to support your services and share valuable insights with clients.