1 / 17

Quality Control For Audit Work

Quality Control For Audit Work. AUDITING AND ASSURANCE STANDARD - 17. INTRODUCTION. Establish standards on the quality control. Policies and procedures of an audit firm regarding audit work; Procedures regarding the work delegated to assistants on an individual audit.

palti
Download Presentation

Quality Control For Audit Work

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Quality Control For Audit Work

  2. AUDITING AND ASSURANCE STANDARD - 17

  3. INTRODUCTION

  4. Establish standards on the quality control • Policies and procedures of an audit firm regarding audit work; • Procedures regarding the work delegated to assistants on an individual audit.

  5. Where to implement the standard? • At the level of audit firm • Individual Audits

  6. AUDIT FIRM • Professional Requirements: The firm should ensure that the staff are adequately qualified for the assignments entrusted. • The word qualified also includes, the qualities of independence, integrity, objectivity and confidentiality.

  7. AUDIT FIRM • Skill and Competence: The firm should ensure that the team has sufficient knowledge about the project / assignment and are well aware of their responsibilities.

  8. AUDIT FIRM • Delegation: There is to be sufficient direction, supervision and review of work at all levels. Auditor Team Leader Audit Team

  9. AUDIT FIRM • Consultation: Whenever necessary, consultation within or outside the firm is to occur with those who have appropriate expertise. Example: Consultation with legal experts on certain legal issues.

  10. AUDIT FIRM • Focus on Client: Evaluate prospective clients and review existing ones, to satisfy that quality of work done is up to the standards established.

  11. AUDIT FIRMS • Communicate quality control policies and procedures to all the personnel involved and ensure such procedures are implemented.

  12. INDIVIDUAL AUDITS • Consider the professional competence of assistants before assigning work.

  13. INDIVIDUAL AUDITS • Office hierarchy should not be barriers of communication. • There should be free flow of communication between audit assistants and team leaders and the auditor.

  14. INDIVIDUAL AUDITS • The audit programme is an important tool for the communication of audit directions. Time budgets and the overall audit plan are also helpful in communicating audit directions.

  15. INDIVIDUAL AUDITS • Supervise the work of assistants and give proper directions wherever necessary.

  16. INDIVIDUAL AUDITS • Review the work of the assistants and the team leader. • Check whether work is done as per the audit programme. • All queries are resolved. • Review of work to be done by person of equal competance.

  17. CONCLUSION Audit Team Shareholders Audit Quality relied upon by I.C.A.I. Users of financial Statements like Government.

More Related