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From weakness to strength

Firms of all sizes can improve the quality of their audits by addressing some of the weaknesses that are most commonly found during monitoring visits, says Lesley Meall.

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Over the past couple of years, the ICAEW Quality Assurance Department (QAD) has conducted many audit monitoring visits. So it is particularly well placed to provide tips that can help firms to avoid the most common pitfalls and better demonstrate the quality and scepticism of their audits. Two of the areas where QAD file reviews often find room for improvement are evidence and documentation. Audits that need some or significant improvement generally lack audit evidence in one or more key areas, and these are most commonly turnover/ revenue, stock/inventory, asset valuations/impairment and going concern – while audits with inadequate documentation also share some common areas of weakness, including the consideration of fraud and internal control...

This is an extract from an article in the February 2014 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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