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i) Peer Review
This is a review of an audit firm‘s systems, procedures, and audit standards generally, conducted by another firm of comparable site and reputation. It‘s a review of a firm‘s complete set up by another firm and should be considered occasionally.
ii)
- Quality Control: peer review ensures a certain standard is achieved by an audit firm as a minimum, at least.
- Independence: The reviewing firm wants to confirm that the audit farm was working independent of its clients.
- Staff performance: To review the performance of audit staff and to assist them in improving their future performance.
- Weaknesses: To identify areas of weaknesses in the firm‘s procedures or applications thereof and to suggest solutions.
- Audit Opinion: To determine whether the scope and result of the audit work (audit evidence) is adequate to support the opinion as given in a particular audit.
- Industrial comparison: Review of a number of specially selected audits by the peer reviewers to check consistency of audit approach and application of a particular statement of standard accounting practice.
Wilfykil answered the question on February 22, 2019 at 11:34
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