Biswajit Mishra
Quick Summary
The COVID 19 pandemic dramatically altered the day-to-day existence of most companies. Though businesses may have had remote-work contingency plans, few could have expected the necessity to implement these procedures almost overnight. And even as state governments enacted shutdowns requiring a
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FAQ :
A remote audit is an audit performed virtually, rather than on-site at the client's location. This involves auditors adapting their procedures and communication methods to work entirely remotely.
Companies can prepare by establishing proper internal controls for employees, providing electronic access to invoices and supporting documentation, and ensuring robust cybersecurity measures are in place.
Firms use virtual tools such as video conferencing software and secure client portals to share data. Cloud-based software offering 'read-only' access can also be utilised.
Remote auditing can increase efficiency by reducing travel time for audit teams, allowing more time for task completion. It also improves availability and communication between clients and auditors.
For audit procedures requiring physical observation, such as inventory asset observation, remote auditing can present challenges. However, solutions like live video cameras can often be used to meet these requirements.
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