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Tips on key audit skills for smaller firms

For small and medium-sized entities, there are three key areas that need to be considered. Here, seasoned file reviewer Jeremy Williams offers practical pointers on displaying these key audit skills and judgements

Judgement lies at the heart of the audit process. For many outside the profession, audit is seen as a mechanical process involving low-level checks on individual transactions, the sort of verification that should be easy to automate.

I recall client staff presenting me with folders of petty cash receipts, expecting me to examine each receipt in turn. Although there is some monotonous checking in most audits, it cannot be reduced to this. Members of the profession display finely-honed skill and judgement: auditors must combine the tenacity of an investigator, commercial instincts of an analyst and technical acumen of an accounting expert.Judgement in audit