Academic journal article Journal of Accountancy

Prospective Audit Client Site Visit Checklist

Academic journal article Journal of Accountancy

Prospective Audit Client Site Visit Checklist

Article excerpt

A site visit--a trip to a prospective audit client's headquarters or production facilities--is a good opportunity for the CPA firm and the client candidate to size each other up. Here are some questions that can be asked by thefirm's proposal team.

1. To what extent and in what areas can we rely on your existing internal audit staff to support us?

2. What do you think are the most critical areas of risk in your business? How can you limit your exposure?

3. What information can you provide that will help us, in planning for the audit, to obtain a basic understanding of your operations and activities?

4. Are your internal reporting systems functioning as effectively as you think they could? What are their strengths and weaknesses?

5. Do you anticipate changes in the financial area in the next year? How could they affect the selection of a new auditor?

6. Do you use the last-in first-out, first-in first-out or weighted-average inventory method? Why is the one used the best for your operations?

7. Do you anticipate any manufacturing or systems changes in the near future? What kind of impact do you expect them to have on the organization?

8. How are your overseas financial operations managed? Do you anticipate any problems or changes in the near future? Personnel-related Information

9. What kinds of changes have you made in companywide staffing in the past year? Why? Do you anticipate more?

10. Do you anticipate any changes in your internal audit or tax staffing in the coming year? Issues, needs and goals

11. What do you think will have the biggest impact on your industry and your company over the next five years? …

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