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Presentation Audit Auditors Challenges

Auditors face several challenges in discharging their responsibilities including: clients providing insufficient information; lack of cooperation from client staff; technical terms in clients' businesses being difficult to understand; and client offices being located far from auditors' offices, increasing costs. These challenges can be addressed by improving audit quality and focus, refocusing on professional responsibilities rather than just value for clients, and improving audit planning and strategies such as early preparation and efficient payment methods.

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2K views11 pages

Presentation Audit Auditors Challenges

Auditors face several challenges in discharging their responsibilities including: clients providing insufficient information; lack of cooperation from client staff; technical terms in clients' businesses being difficult to understand; and client offices being located far from auditors' offices, increasing costs. These challenges can be addressed by improving audit quality and focus, refocusing on professional responsibilities rather than just value for clients, and improving audit planning and strategies such as early preparation and efficient payment methods.

Uploaded by

ghazie
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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CHALLENGES FACING

AUDITORS IN
DISCHARGING THEIR
RESPONSILITIES
PRESENTATION OUTLINE

INTRODUCTION
CHALLENGES FACING
AUDITORS
HOW IT CAN BE SOLVED
CONCLUSION
INTRODUCTION
Auditors play a critical role in our community
There are some challenges that we should
understand that facing today’s auditors in
providing their services to the client so as to
establish a quality audit report
CHALLENGES FACING
AUDITORS
Preparation Of Information &
Documentation
Clients provide insufficient information that required
by auditors

Communication Between Auditors &


Clients
Staff at the client’s office did not want to cooperate
with the auditors
The client’s staff are lack of understanding of the
objectives of auditing
CHALLENGES FACING
AUDITORS
Definitive Standards that are Hard
To Understand
Technical words regarding to Client’s
business operation sometimes hard to
understand by auditors.
Delaying of auditors’ works
Less time can be spend on more critical
aspects of the client’s financial statements
CHALLENGES FACING
AUDITORS
Geographic Reach Of The Clients
Office
Client’s office are situated far from the
auditors’ office (to reach for documents &
other information)
Auditors need to incur more costs not only
for the transportation, but also for the whole
project (papers, printing, phone calls etc)
Bearing the risk of late payment by the
clients
HOW THEY CAN BE SOLVED
Improve Audit Quality
By focusing on clients that value audits,
audit firm can work on improving the audit
quality
Auditors need to be willing to exercise
more judgment in assessing areas of
business risk
Auditors have to change their mindset –
not to only focus at cost-cutting
HOW THEY CAN BE SOLVED
Refocus On The Auditor’s
Professional Responsibility
Because of financial challenges in auditing
profession, auditors have recast their role
as ‘providing value for the client’
neglecting their professional responsibility
Auditors need to flashback why they were
granted a statutory mandate for
performing audits for their clients
create a culture in their firms that
recognizes this celebrate
HOW THEY CAN BE SOLVED
Improve Their Audit Planning &
Strategy
Auditors need to have an efficient & effective
audit strategy
Always make early preparation
Make sure they always obtain preliminary
knowledge of the industry of the entity to be
audited
Emphasized on payment method that can
encourage their client to make payment
soonest possible
CONCLUSION
Give opportunity for others to think about the
challenges faced by auditing profession today
Auditors must find the appropriate ways to
overcome those challenges (reduced the risk
bared & to improve the quality of their audit
works)
THE END

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