How does a comprehensive plan produce effective audits?
An audit plan is the outcome of audit planning, which involves comprehending the business and clients, creating a risk assessment plan, and listing the evidence to be collected. The planning remains an essential part of the audit process as it allows auditors to perform an audit with lowest risk levels and aligned with business objectives.
Without sufficient audit planning, the audit process may be more time consuming and maybe more harmful to the working of Emirati organizations being audited, affecting their reputation and position in the Emirati corporate world, constantly growing and providing competition.
The process requires meticulous planning, including the nature, timing and direction, engagement of the team members, and reviewing any work performed. It's essential to plan ahead of the audit to prevent any later issues with clients and to ensure that the costs spent are reasonable, especially in the case of smaller businesses.
Even the best plans can sometimes fail in the hands of incompetent audit firms. For a sturdy audit plan and execution, opt for the services of Top audit firms in Dubai to help out. The article lists ways in which a comprehensive audit plan may help with effective audit processes.
How to audit planning can help create effective audits
From focusing on critical activities to prevent time wastage, to ensuring that the auditors and the client company are on the same ground when it comes to the requirements and the results of audits; there is a lot that a comprehensive audit plan can contribute towards. Read on to know more about how audit plans can create effective audits.
By removing any misunderstanding
By meticulously planning each aspect of the audit process, a detailed and more comprehensive picture of the requirements and the deliverables of the process can be conveyed to both, the client and the auditor. The exchanged information allows the two entities to be on the same wavelength relevant to the audit plans
By helping recognize risks earlier
An analysis of any expected values of audits is not just the only essential. It's also critical to display this information in a format that's legible and understandable. Planning also allows the compilation of essential documents that will be required during the process. The client will be able to timely develop the documents that will be required by the auditors.
Proactive identification of risks also helps develop the right kind of communication with the client, to prevent any misinformation.
By disallowing an “over audit”:
In the presence of a comprehensive audit plan, its impossible to "over-audit"; the terminology used to define and meaningless audit procedures that are unnecessary and contribute only to the waste of time.
The plan created should be extremely thought out and focused on the essential requirements of the process, preventing wastage of time of both, the client as well as the audit firm.
Take Away
It's essential for audits to be effective, comprehensive and meticulously planned to achieve the right results and the best audits are those that have been planned diligently.
To develop the best audit processes and to ensure the planning is done right, it's critical to opt for experts in the field. Opt for the top audit firms in Dubai to help develop an audit plan that's not only comprehensive and detailed but allows the clients and the auditors to be on common ground when it comes to the results of the audit.
