Audit Execution Tops Tips – Engagement Management
Delivering profitable audit services relies upon your team, your client and many other factors. A key component is resource planning – having the right staff allocated to the right client at the right time.
Resourcing constraints present in almost every accounting firm, particularly in busy season periods, places an increased reliance on timely delivery of information from client contacts. Delays result in either complicated redeployment of teams or sub-optimal work being performed on available information.
Even where client delays are known to have impacted the profitability of the audit it can be challenging to quantify or recover additional fees. Records of delays might be manual or considered
subjective, meaning audit leaders must apply discretion in balancing engagement profitability with client relationships.
To eliminate subjectivity, clear deadlines should be agreed with client contacts in advance of fieldwork, along with the roles and responsibilities of individuals on both the client and engagement team. A single method of information exchange should be agreed which can provide objective and transparent recording of delivery against deadlines.
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