Determining Whether an Audit Is Possible
A good auditor remembers that setting priorities is their responsibility. You will need to assess the risk of the audit and ensure that priorities have been fulfilled. If you are unable to perform the necessary audit functions, it is essential that the issues be properly communicated to management and the audit committee. An audit without meaningful evidence would be useless.
The auditor will need to work with the auditee to define specific requirements and identify any third-party providers. You will need to review the auditee’s organizational structure and to identify persons in areas of interest that are material to your audit.
Management has the ultimate responsibility for internal controls and holds ...