Considerations for Audit Cycle - Starting Off on the Right Footing

Over the years, investors’ expectations of trusted financial information in promoting investment and economic growth have been rising, and audit quality becomes essential in meeting these expectations. To achieve a high quality audit, auditors ought to get the planning of an audit right, especially in areas which are more complex and require significant judgement. Engagement teams must ensure that adequate work is performed to address significant audit risks before forming their conclusions and issuing the right opinion. In this article, we discuss certain key audit considerations that should be relevant for the upcoming audit cycle to serve as a timely reminder for all auditors.
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