If you were hired as an auditor to investigate a company, what would be your strategy...

If you were hired as an auditor to investigate a company, what would be your strategy to approach the audit?

Expert Solution

If i was hired as an auditor to investigate the company the first thing i would do is to know the company, knowledge regarding the company is the main element because without knowing the business or a company an auditor cannot audit for the company. For getting the knowledge of the company an auditor can use qualitative or quantitative methods to learn about the company. Secondly an auditor needs to check the financial statement of the company for the professional judgement. So if i would be an auditor the i will adapt the strategies to approach the audit are:

1. First strategy i would approach is to know about the company and learn about the clients of the company. Understand and check the financial statements and cash flow statements and then i will start making report after the huge investigation of their financial satement.

2. Second strategy i would consider is to find the risk in the company through there books of accounting and then investigate about the certainities of risk in the company through which the process of auditing will get easier and do not need to contact the clients of the company.

3. It is very common in nowadays that an auditor hires their sub-auditors to do the work because analysing the financial statement is a lengthy process and only one auditor cannot complete this in a short period of time. So i can approach the sub-auditors who will work for me and do investigation of the company for the further preparation of reports.

ekkarill92 answered 1 year ago

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