.......................................................................................... 5 Determining the Initial Approach to a Company ................................................................................................ 7 Tailoring Your Engagement Plan
of audit firms has been an ongoing challenge, as a result of high turnover rates, coupling with low interests in this profession. With this concern in mind, the SEC and the Association of Chartered
proactively review the risk management approach and policies annually or with any significant business change; g) ensure a formal, fair and transparent process for nomination, election and evaluation of
ambitious than a simple box-ticking approach. Benefitting from the perspectives of securities regulators, stock exchanges, self-regulatory organisations, institutes of directors, the media and the private
understand its opportunities and risks. Examples of such issues include the risks and opportunities posed by climate change, a company’s approach to managing intellectual and human capital, its capacity to
would be the only approach to make sure that only the audit engagements, for which the firms could execute with a high quality standard of work, are accepted. Assessment on the adequacy of human resources
, audits of revenue recognition based on the percentage of completion method, and assessments of the appropriateness of management’s use of going concern assumption. Our root cause analysis has revealed that
related to digital assets in the future. Significant and recurring deficiencies arising from the inspection of auditor’s engagement, e.g., revenue recognition, going concern and provisions of allowance for
. of audit firms being assessed on quality control system according to the risk-based approach. Remark: The increase ratio of auditors in each tier “[+ increase/- decrease]” is derived by the number of
............................................................................... 20 Appendix 5: Management Plan ............................................................................................................................. 22 Appendix 6: Ecoregion approach