Change in Audit Methodology
My audit trainer said that audit is no longer sexy, a.k.a too complicated and no longer interesting. *Well, I’m wondering since when audit become sexy?* Meaning, currently there are too many procedures have to be done that requires many time; resulted in high time charges, end up in high billing. Thus, the client will refer second tier audit firm as its auditor. The trainer said big 4 will lose their clients if they don’t change audit methodology into a simple one; risk-based audit by tailoring into company’s risk & nature, instead of following the pre-existing audit templates.
The trainer suggest to change methodology to get closer to ISA standard, whereas professional judgment is highly required, especially in top management level in audit firm.
The training was very short, I got the big picture, but I haven’t go through detail. She only explained the theory, but I got the AS2 material to be tried @home.
You know, holiday is my favorite time to study, after it’s been a long time leaving my books covered by dust.
