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The first thing we do as auditors is gather information. This includes client-specific information, data about the industry, and technical auditing and accounting information. Thus, an audit is an information-driven process. The efficiency and effectiveness of your audits begin with the quality of the information you gather.
In this course, we will give you tools for gathering information. You are probably familiar with techniques to help you with examining a company's internal dynamics. In this course, we'll talk about your client's external dynamics. In the first half of this course, you’ll learn how to drill down for information. At the uppermost layer, you'll start with the identification of general objectives. As you proceed deeper in the information-gathering process, your questions will become more detailed until at last you get to the information you want.
By understanding the information you now have, you can assess your client's ability to deal with them. For example, you might be able to understand your client's relative strengths for dealing with outside forces and the opportunities available in the industry. You will also be able to assess the client's weaknesses and possible threats to its competitive position. After completing this course, you'll be able to use the techniques and detailed questions you learned as a way to gather this, and other, critical audit information.
When you complete this course, you will be able to:
Prerequisite: At least 20 months of audit experience
Advanced Preparation: None