Evaluate Need for Outside Specialists

Evaluate Need for Outside Specialists If the audit of a leaf node requires specialized knowledge, it may be necessary to consult a medical specialiser. The attender should have a sufficient understanding of the leaf nodes business to recognize the need for a specialist. The auditor should evaluate the specialists professional qualifications and understand the objectives and electron orbit of the specialists work. The auditor should also consider the specialists relationship to the node, including circumstances that might impair the specialists objectivity. UNDERSTANDING OF THE CLIENTS BUSINESS AND INDUSTRY some(prenominal) factors have increased the brilliance of understanding the clients business and industry: ? Information technology connects client companies with study customers and suppliers. ? Clients have expanded operations globally, often through pin ventures or strategic alliances. ? Information technology affects internal client processes, improving the quality and timeliness of account information. ? The increased importance of human capital and other intangible assets has increased accounting complexity and the importance of management judgments and estimates. ? Auditors need a go bad understanding of the clients business and industry to tolerate additional value-added services to clients.

Strategic Systems Understanding of the Clients Business and attention Understand Clients Business and Industry: Industry and External Environment Business Operations and Processes Management and Governance Objectives and strategies quantity and Performance Industry and External Environment Three primary reasons for obtaining a veracious understanding of the clients industry and external purlieu: 1. Risks associated with specific industries 2. Inherent risks common to all clients in plastered industries 3. Unique accounting requirements Business Operations and Processes Factors the auditor should... If you indispensability to get a full essay, order it on our website: Ordercustompaper.com

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