Interact: It's good to talk
Identifying who is charged with governance, ensuring appropriate communication takes place and demonstrating this on the audit file are vital to the success of smaller entity audits, as Adrian Gibbons outlines.
Communicating effectively throughout the audit can improve its technical quality and cost effectiveness for entities of all shapes and sizes. It is important to understand that communication is not something you have to do because various International Standards on Auditing (ISAs) require it; it is something you should want to do in order to improve the audit approach.
The level and purpose of communication during an audit is dealt with directly by ISA 260 Communication with those charged with governance (other ISAs also highlight specific communication requirements).
This is an extract from an article in the September 2014 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.
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