External Audit Effectiveness
It may be that the Audit Committee or management don’t think the time is right for a tender but are conscious that the auditors have been incumbent for some time.
Or there might be some strains on the audit relationship.
Or they might just want to take a more rigorous approach to reviewing the external audit process but aren’t sure how to secure a better insight.
Whatever the reason, we can help you take a close look at the external audit process.
We do this from the position of having many years’ experience as audit partners and auditors. So we have seen it from the other side, know what a good audit looks like and understand the key factors in securing this. Importantly, this includes what the client needs to do to help get a good audit.
External audit review isn’t a question of “bashing the auditors”. Quite the contrary – reviews often identify where steps can be taken by auditor and client so that a co-operative approach can be taken to strengthening the audit and the audit relationship.
We’ll look at factors such as how the Audit Committee and management review the audit plan, the auditors’ risk analysis and the way resources are deployed.
We’ll help them consider how the audit approach covers the different parts of the business – especially on global audits when different teams are involved where quality and communication issues need to be looked at.
We consider how specialists are used – and how their knowledge is shared with the client to bring more value to the audit.
We’ll help you consider the real questions around independence, not just the formal requirements.
And we’ll help you work through how you as the client might work better with the auditors to help them do a good job.
We can also help the Audit Committee with an external audit tender, working with you on defining your requirements and the basis of the assessment and selection.