i. Delegation. Audit work should be delegated by the reporting partner to staff who have appropriate experience, training, proficiency and independence. This will provide reasonable assurance that such work will be performed with due care by persons having he required technical competence.
ii. Direction. Audit assistants to whom work is delegated should be given appropriate instructions. This involves informing audit assistants of their responsibilities and objectives of the procedures they are to perform. It also involves informing them of matters such as nature of client’s business and the possible accounting and auditing problems.
iii. Supervision. This involves monitoring the progress of the audit to consider whether assistants have the necessary skills and competence to carry out their assigned tasks, establishing whether assistants understand the audit instructions and resolving any differences of professional judgment between personnel. Supervision also entails identifying and addressing any significant accounting and auditing questions raised in course of the audit and ensuring that work is being carried out in accordance with the overall audit plan and audit programme.
iv. Review Work performed by each staff member should be reviewed by a person of equal or higher competence to ensure that work has been performed in accordance with audit programme, has been properly documented and that audit objectives have been met
Wilfykil answered the question on April 11, 2019 at 10:17
- Define quality control in auditing(Solved)
Define quality control in auditing
Date posted: April 11, 2019. Answers (1)
- Which are the audit planning procedures?(Solved)
Which are the audit planning procedures?
Date posted: April 11, 2019. Answers (1)
- Which are the problems in developing and implementing audit plan?(Solved)
Which are the problems in developing and implementing audit plan?
Date posted: April 11, 2019. Answers (1)
- What is an audit planning memorandum?(Solved)
What is an audit planning memorandum?
Date posted: April 11, 2019. Answers (1)
- Give advantages of good audit planning(Solved)
Give advantages of good audit planning
Date posted: April 11, 2019. Answers (1)
- Give the disadvantages of the audit committee(Solved)
Give the disadvantages of the audit committee
Date posted: April 11, 2019. Answers (1)
- Give the advantages of the audit committee(Solved)
Give the advantages of the audit committee
Date posted: April 11, 2019. Answers (1)
- What is the relationship between the audit committee and the board of directors?(Solved)
What is the relationship between the audit committee and the board of directors?
Date posted: April 11, 2019. Answers (1)
- What is the relationship between the audit committee and the internal audit function?(Solved)
What is the relationship between the audit committee and the internal audit function?
Date posted: April 11, 2019. Answers (1)
- Which are the attributes of audit committee members?(Solved)
Which are the attributes of audit committee members?
Date posted: April 11, 2019. Answers (1)
- What are the objectives of the audit committee?(Solved)
What are the objectives of the audit committee?
Date posted: April 11, 2019. Answers (1)
- Which are the principles of good corporate governance?(Solved)
Which are the principles of good corporate governance?
Date posted: April 11, 2019. Answers (1)
- Discuss what the resignation letter of an auditor must contain(Solved)
Discuss what the resignation letter of an auditor must contain
Date posted: April 11, 2019. Answers (1)
- Give situations where the auditor’s independence may be impaired.(Solved)
Give situations where the auditor’s independence may be impaired.
Date posted: April 11, 2019. Answers (1)
- Discuss Professional Ethics in auditing(Solved)
Discuss Professional Ethics in auditing
Date posted: April 11, 2019. Answers (1)
- Which categories does auditor’s liability fall under?(Solved)
Which categories does auditor’s liability fall under?
Date posted: April 11, 2019. Answers (1)
- Discuss criminal law and the auditor(Solved)
Discuss criminal law and the auditor
Date posted: April 11, 2019. Answers (1)
- Define International Standards on Auditing(Solved)
Define International Standards on Auditing
Date posted: April 11, 2019. Answers (1)
- List the properties of a statutory audit that are different from a private audit.(Solved)
List the properties of a statutory audit that are different from a private audit.
Date posted: April 11, 2019. Answers (1)
- Discuss the Assertion Methodology(Solved)
Discuss the Assertion Methodology
Date posted: April 11, 2019. Answers (1)