Had anyone been on a first year audit? Any tips?
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Also solid advice .
I’ve done multiple first year audits. Shit is always a mess no matter what. Stay organized. Be open minded about test plans. Keep pushing until you have the answers you feel you need.
One of my first year audits was so bad I got the CFO fired and missed the filing date by a month. But, it was because I didn’t back down from what needed to be done and we found ~30 entries
Solid advice .
I actually really like first year audits. There’s no expectation and you get to make it what you want. Ask lots of questions. I found it was helpful to explain what we were trying to accomplish then work with the client to best get there. You aren’t stuck with the “this is how we’ve always done it” of recurring audits which I found refreshing.
Agreed. It tests your ability to assess the assertions, develop the test plan and work with a client to accomplish something entirely new.
Been a part of an audit 100 years old and brand new audits. Each has different challenges
I do mostly first year engagements. It’s a struggle every time. And then whoever has it year two and beyond gets all the glory for decreasing the costs
it'll be a lot of upfront inquiries and walkthroughs just to set up. make sure they get you detailed walkthroughs 100%.
Try get the previous auditors walkthrough narratives, it will help a ton
Great advice. Bring an intern to the wp review and have them type up the narratives
Understand the best communication methods for the people you’ll be interacting with most. Sounds dumb but feel like it’s easy to just send email after email when you can schedule routine meetings to talk things through