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- 2 Marks
Question
Discuss TWO (2) problems that you may face in implementing quality control procedures in a small firm of Chartered Accountants and recommend how these problems may be overcome. (2 marks)
Answer
- Lack of sufficient technical training and proficiency: Small firms may not have the resources to ensure all staff members have the appropriate level of technical knowledge. Solution: Ensure that the firm invests in continuous professional development and training programs to enhance the technical skills of the team.
- Inadequate supervision and review: Due to limited resources, small firms may struggle with proper supervision of audit work. Solution: Implement a structured review process and ensure that all work is reviewed by a senior member before finalization.
- Tags: Audit Engagement, Professional Standards, Quality control, Small firms
- Level: Level 3
- Topic: The audit approach
- Series: NOV 2020
- Uploader: Joseph