Checklist for assessing the quality of audit engagements:

1. Consideration of industry-specific matters:
   Has the auditor properly considered matters such as applicable cost accounting orders relevant to the industry, audit of cost account rules, cost accounting practices, economic situations, laws, government regulations, and technological changes that affect the industry?
2. Understanding of the client’s business:
   Has the auditor acquired a sufficient level of knowledge about the client’s business and accounting system, documenting this understanding in the working papers?
3. Introductory meeting with client officials:
   Has the auditor had an introductory meeting with the client’s key officials to gain detailed knowledge of the business and industry, and documented any major issues discussed during this meeting?
4. Implementation of audit plan:
   Has the audit been planned, considering the nature, timing, and extent of other audit procedures to be performed?
5. Understanding of internal audit functions:
   Has the auditor attained and documented a proper understanding of the internal audit functions, including the involvement and collaboration of the internal audit team?
6. Knowledge of the internal control structure:
   Has the auditor acquired adequate knowledge of the internal control structure to plan the audit and assess the expected reliance on internal cost accounting controls?
7. Documentation of significant decisions:
   If significant decisions were discussed with the client, have the results of these discussions been documented in the audit working papers?
8. Assessment of IT risks:
   Have the working papers identified any information technology risks, and has the engagement team assessed whether to involve an Information Technology Audit specialist?
9. Assessment of audit team performance:
   Has the quality of the audit team’s performance been assessed in relation to planning?
10. Completion of audit procedures:
    Have all procedures outlined in the audit programs been signed off as completed?

(10 points @ 0.5 marks each = 5 marks)