Challanges faced by auditors in discharging their responsibility.

1. CHALLENGES FACING
AUDITORS IN DISCHARGING
THEIR RESPONSILITIES

2. PRESENTATION OUTLINE
INTRODUCTION
CHALLENGES FACING AUDITORS
HOW IT CAN BE SOLVED
CONCLUSION

3. INTRODUCTION
Auditors play a critical role in our community
There are some challenges that we should
understand that facing today’s auditors in
providing their services to the client so as to
establish a quality audit report

4. CHALLENGES FACING
AUDITORS
Preparation Of Information & Documentation
Clients provide insufficient information that required by
auditors
Communication Between Auditors & Clients
Staff at the client’s office did not want to cooperate with
the auditors
The client’s staff are lack of understanding of the
objectives of auditing

5. CHALLENGES FACING
AUDITORS
Definitive Standards that are Hard To
Understand
Technical words regarding to Client’s business
operation sometimes hard to understand by auditors.
Delaying of auditors’ works
Less time can be spend on more critical aspects of the
client’s financial statements

6. CHALLENGES FACING
AUDITORS
Geographic Reach Of The Clients Office
Client’s office are situated far from the auditors’ office
(to reach for documents & other information)
Auditors need to incur more costs not only for the
transportation, but also for the whole project (papers,
printing, phone calls etc)
Bearing the risk of late payment by the clients

7. HOW THEY CAN BE SOLVED
Improve Audit Quality
By focusing on clients that value audits, audit firm
can work on improving the audit quality
Auditors need to be willing to exercise more
judgment in assessing areas of business risk
Auditors have to change their mindset – not to only
focus at cost-cutting

8. HOW THEY CAN BE SOLVED
Refocus On The Auditor’s Professional
Responsibility
Because of financial challenges in auditing
profession, auditors have recast their role as
‘providing value for the client’ neglecting their
professional responsibility
Auditors need to flashback why they were granted a
statutory mandate for performing audits for their
clients
create a culture in their firms that recognizes this
celebrate

9. HOW THEY CAN BE SOLVED
Improve Their Audit Planning & Strategy
Auditors need to have an efficient & effective audit
strategy
Always make early preparation
Make sure they always obtain preliminary knowledge
of the industry of the entity to be audited
Emphasized on payment method that can encourage
their client to make payment soonest possible

10. CONCLUSION
Give opportunity for others to think about the
challenges faced by auditing profession today
Auditors must find the appropriate ways to
overcome those challenges (reduced the risk
bared & to improve the quality of their audit
works)

11. THE END