Does your audit methodology need a facelift? When most people think of an auditor, they picture someone working away on a calculator with a gigantic stack of paper beside them. Invoices, transactional documents, payroll documents, let your imagination run wild. The point is, there’s always a stack of paper, albeit some have started to become
Well, it’s finally here. According to an article from Forbes Magazine, we have reached the age of automation. From AI and machine learning to financial automation and robotics, we’re officially an automatic civilization. Please, be kind to our new robot co-workers. Okay seriously, this is important stuff, even if we did all see it coming.
When it comes specifically to journal entry testing, most auditors today have been using antiquated approaches and sampling techniques.
An effective audit starts with a solid audit plan. While the overall audit strategy and plan can vary between clients, an auditor will usually establish risk assessment procedures and a how-to response for the risk of material misstatement. The challenge is that sometimes, even the most thorough and comprehensive audit plans can still have gaps.
The cornerstone of well-planned and high-quality audit engagements is a robust risk assessment process. Such a process is critical to identifying risks of material misstatement and their relative significance by providing a fulsome understanding of the entity subject to audit and the environment in which it operates. The nature and extent of these audit risk
We are facing an unprecedented time of global uncertainty created by the COVID-19 virus that has unleashed a global healthcare crisis. Humanity is fighting a war against an invisible enemy that is attacking humans around the world and sparing no country. We need not be pessimistic or optimistic but rather realists and learn from the
