Now that the busy audit season is coming up for most CPA firms, top of mind is likely to be-how do we manage our fieldwork time and balance that with risk for the firm.
One straightforward answer is to have audit teams understand internal controls. It's not enough just to understand the financial statements and auditing standards. Internal controls play a crucial role in business and it's time to train auditors so that they understand the implications of weak or strong internal controls.
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