How to Master Remote Auditing – Focusing on Risk
Activities such as preliminary analytics and risk assessment reviews should be the foundations audit work is built from. With reduced access to client teams contacts when remote working, it is of increased importance you have additional tools available to understand the entity you are auditing.
The identification of unusual trends and relationships lets your teams visualize, drill down and explore the transactions within an account or balance. This allows you to truly focus your work and reduce audit effort on low risk areas.
It is also important to be able to remain sceptical and have a means of challenging or verifying the explanations provided to your teams.
When auditing less complex entities this work, coupled with an appropriate level of testing the notable items identified, can often provide sufficient evidence on an account or balance.
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