What information should I review to learn more about my audit client’s business prior to arriving onsite?
The audit team should obtain and absorb as much information about their client prior to conducting the audit. When you have a baseline understanding of your client’s business practices and policies, it makes it much easier to have effective discussions with your audit client. Clients also appreciate it when you know what the business even does!
The visual below illustrates some common activities to perform to gain business knowledge of the client:
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What type of industry research can I review to learn more about my audit client’s industry?
An auditor should use whatever information they can to understand their client’s industry. It will help them understand the current state of the industry, as well as any risks their client might face. Industry resources will also help you understand what the unique items/situations to expect. The visual below illustrates some common resources you should […]