Question

In: Accounting

In what ways can auditing standard boards improve reporting on single audits and enforce these guidelines?

In what ways can auditing standard boards improve reporting on single audits and enforce these guidelines?

Solutions

Expert Solution

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.

(If you still not satisfied with the answer you can write in the comment )


Related Solutions

What are some opportunities for internal auditing to use technology to improve the way audits are...
What are some opportunities for internal auditing to use technology to improve the way audits are performed?
What are the social needs of auditing and the different types of audits and their relationship?
What are the social needs of auditing and the different types of audits and their relationship?
Evaluate the ways that sustainability can improve firm performance. What are the ways that a company...
Evaluate the ways that sustainability can improve firm performance. What are the ways that a company can benefit from being more sustainable? (Please include more than lowering costs/expenses)
1. AICPA auditing standards address the confirmation of accounts receivable for private company audits. What are...
1. AICPA auditing standards address the confirmation of accounts receivable for private company audits. What are the circumstances under which confirmation of accounts receivable is not required? 2. When confirming accounting receivable, the auditor may use positive confirmations, negative confirmations, or a combination of both. Although the use of negative confirmations is less expensive than positive confirmation, negative confirmations are less reliable. Therefore, negative confirmations should be used only in certain circumstances. Discuss those circumstances. 3. Auditing standards indicate that...
What are ways in which we can improve voter turnout in America? What are the pros/cons...
What are ways in which we can improve voter turnout in America? What are the pros/cons of your ideas?
what are recent advances and rising new technology and ways that it can improve cardiac care?...
what are recent advances and rising new technology and ways that it can improve cardiac care? What are the obstacles or cons to this? Would you have any concerns using this for your personal care?
What two ways can management change corporate culture to improve the security posture of a company?...
What two ways can management change corporate culture to improve the security posture of a company? Why do you believe these changes will make a difference in the corporate culture?
In what ways can society improve compliance with the legal and ethical duties imposed upon professionals?...
In what ways can society improve compliance with the legal and ethical duties imposed upon professionals? Does the current regulatory system offer sufficient protection to the interested parties?
in 150-200 words what are some ways that one can improve profits in a healthcare facility,...
in 150-200 words what are some ways that one can improve profits in a healthcare facility, without reducing staff?
What can happen if management does not enforce the policies that are put in place?
What can happen if management does not enforce the policies that are put in place?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT