Question
In: Accounting
What is the process that an audit firm goes through to ensure that their audit team...
What is the process that an audit firm goes through to ensure that their audit team is independent?
Solutions
Expert Solution
In order to ensure that Audit firm has independence while conducting the Audit within the Client.
The CAE or GRC team is separate Department in place for maintaining Internal Audit Activity.
Secondly Their is Dual Relationship channel. It measn that CAE / GRC having administrative reporting to Senior Management but Functional Reporting should be to Board / Audit Committee.
Third, CAE must have communication directly with the Board as Above stated.
In order to ensure the Independence of Audit Firm :
- No Partner having audit client is the member of Board of the Auditee.
- Secondly No Audit Team member have any kind of Interest in Auditee.
- NO Audit Team having any inrerest in the Auditee ( Relatives of the Auditee)
Level of COntrol of Senior Mangement of Auditee should not in Audit Firm. It means Senior member should not be part of Board of Audit Firm. Or Should not hold any interest in Audit Firm.
ekkarill92 answered 1 year agoRelated Solutions
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