Question

What consideration should be kept in mind before commencing new audit?

Answer 1

A few of the things to consider before commencing a new audit are:

1. Making a list of books used, making a list of employees and their duties.

2. Testing the final accounts, trial balance, ledgers, etc.

3. Arranging of supporting documents.

4. Listing the assets and liabilities for the auditor to scrutinize.