In: Accounting
In what ways can auditing standard boards improve reporting on single audits and enforce these guidelines?
Only accept engagements you have expertise to perform
• Establish an effective quality control system—similar to
clients with strong internal controls
• Provide adequate training for partners, managers, and staff
• Assign staff that are fully trained
• Strongly consider using a pre-issuance, engagement quality
control review (EQCR)
• Use practice aids (however you need to understand them)
Extra-curricula reading (subscribe to professional
publications)
• Become a member of the AICPA’s GAQC
• Review common audit deficiencies compiled each year by AICPA Peer
Review and Professional Ethics Division, updated annual Compliance
Supplement, AICPA Risk Alerts and Reviewer Alert
• Have an internal monitoring system that uses published peer
review checklists - PRP Section 22,100 Supplemental Checklist for
Review of Single Audit Engagements
• Consider an external monitor of work papers and reports
For enforcing these guidelines can be explained and make the
part of the working by regularly revising the fixed standards of
the office and it depends upon office to office.
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