ACC 521 Lecture Notes - Lecture 1: Audit Risk, Internal Control, General Ledger
4 Oct 2014
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The audit must be performed with due care, competence and objectivity. Audit was rushed and too focussed on meeting budget, not doing the required work. Yves has some competence by doing other audits in this industry. Also, many facts below are relevant to these general requirements. A proper audit program was not prepared, just used one from a different company that will not be appropriate to all aspect of. This, along with the emphasis on cutting time, means that it is also doubtful that a meaningful knowledge of the client"s business, environment and risks was obtained. They didn"t know about all the clients store locations. Business risk assessment for beauty was insufficient to plan an appropriate audit to address rmm. It appears that the planning portion of the examination standards was violated. If assistants are employed they should be properly supervised. The lack of time and attention the inexperienced staff received from.
