When we take on new clients, research forms an integral part of the audit process. In order to develop an ideal audit strategy and audit plan for our new clients, we conduct thorough research to gain knowledge of matters affecting the industry in which the company operates in, matters relating to the company’s business, the extent of recent changes in the company, preliminary judgements about the effectiveness of internal control over financial reporting, public information about the company relevant to the evaluation of the likelihood of material financial statements and so much more!
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)