If you were asked to develop an auditing plan for a new client what would you do first and why?
If I were asked to develop an auditing plan for a new client, my absolute first step would be to gain a thorough understanding of the client’s business and its environment. Here’s why and how:
Why Understanding the Client is Paramount:
How to Gain an Understanding of the Client:
In essence:
The initial phase of an audit is all about information gathering. By thoroughly understanding the client’s business and its environment, I can develop a tailored audit plan that effectively addresses the specific risks and challenges faced by the client. This will then allow me to create an effective and efficient audit.