In the earlier days – there was just one way of conducting audits – through lots of papers and checklists. However, over the years – we have evolved, and there more consistent and efficient ways to conduct an audit, in addition to using technology to automate processes.
A good audit demonstrates how the audit team has applied high-quality judgement to assess the evidence they have garnered – and it should be corroborative and contradictory, both. A robustly executed audit will utilize an appropriate variety of audit tools to provide an effective audit approach.
Setting a clear goal and objective is highly required along with creating a support system and establishing clear authority. Prioritizing and asking the right questions is another way to set the audit right. Below are a few strategies and tips to achieve a successful audit:
Review the previous conducted audit: Look out for the issues cited, and fix those before you begin. While you go through the previous audits – identify the risk or complex areas – so you know where the focus should be.
Assigning tasks based on expertise: This avoids any conflicts, and ensures no work is overlooked. The team looking after GL accounts should look after reconciliations, roll-forwards, supporting schedules and so on. This ensures everyone is clear on their profile, and multiple people doing the same task can be avoided.
Communication is key: Audit Requests are a priority during year-closing, so be careful with time and commitment, as closing the year and the audit which follows would need a lot of time from your accounting and finance team.
Provide regular updates to the team, so they are aware of the progress on the audit, and if you hit any bottlenecks, it can be fixed.
Are you looking for audit services in Dubai? Well - PKF UAE is an approved auditor by the Ministry of Economy. PKF has a proven track record in delivering assurance services to clients ranging from small, family-owned businesses to large multi-national groups across various industries and sectors. PKF has built up an extensive level of experience and expertise and has a team that demonstrates these credentials. Reach out to them today!
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