Today in Finance for March 4, 2008

Common Auditing Screw-ups

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Value judgements
• "[Clients] only focus on low fees and not the deliverables."
• "Believing that an audit is a commodity."
• "Penny-pinching on auditor logistics—eg audit space, IT links, etc."

Lack of awareness
• "Not enough knowledge on subjects that influence their financial statements and therefore not enough discussions (internally and with the auditor) on timely basis to discuss these items."
• "Underestimating the effect of new regulation/new IFRS."
• "Fail to recognise the sheer scale of effort required to deal with regulation cross borders."
• "Not stepping back to look at the reasonableness of the numbers."

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Communication

Posted by Donald Carroll | March 04, 2008 09:18am