Adapting to Remote Audit

Arun Mohan

image

    Get Free Consultation




    The COVID-19 pandemic has presented many business challenges. Large organizations around the world pivoted to remote work to maintain business continuity and audit profession was no exception. A remote audit, also known as virtual audit, is the method of conducting an audit remotely, using electronic methods such as video conferencing, email and telephone to obtain audit evidence, just like during an on-site audit.

    Remote auditing has been a challenge for the profession because of the belief that auditors may be more likely to discover fraud or simple mistakes when they visit a site. Moreover, clients are likely to always remember how their auditors responded to the pandemic. So it is necessary that auditors should make use of the remote audit to deliver a high-quality service to the client.

    The benefits from the remote audit can be broadly classified as below;

    Ease with the use of Technology

    The utilization of technology for sharing data such as a cloud portal will save both time and money. If a set time is allocated for remote audit activity, auditees are less likely to be side-tracked or disturbed with any other work requests. Moreover, interviews and audit meetings can be conducted through popular platforms like Microsoft Teams, Skype or zoom, which are regularly used by many of the companies already.

    Audit team efficiency

    Remote working unlocks the available manpower resource and there will be wider access to auditors with the right competence, including across borders.  ‘Audit burnout’ is common in the industry, particularly if auditors are carrying out several projects simultaneously. Remote auditing can break up the audit process which will help to reduce burnouts without turning down the efficiency of the overall audit process.

    Savings in logistics

    When conducting remote audits, there will be minimal logistics related to booking conference rooms as well as worrying about audit team accommodation and other related inconveniences experienced during an onsite audit. There will be a significant reduction in money and time spent on commuting to the audit location.

    Some of the probable challenges to remote audit are;

    Auditee expectations

    The expectations of multinationals and small or medium-sized enterprises (SMEs) clients may not be the same. Many of the owner-managed businesses would want to talk in person and want to have that personal touch in the audit.

    Common Issues with technology

    The reliability of network connections can be a concern based on the location of the auditee and the technology used. Sometimes the auditee can have difficulties with accessing the private networks to log into a database in order to share the audit evidence.

    Inherent limitations

    The entities that require inventory/physical asset observation procedures, the transition to remote auditing may prove more challenging.

    Remote Audit at HLB HAMT

    We have already been employing cloud-based technologies and software for our audit purposes for the past few years. Our team members engaged were already well trained and confident in the use of the technologies. The transition from on-site to remote audits was already ongoing and has been sped up due to the pandemic.

    The circumstances paved a way for us to encourage our clients to utilize a secure portal to share data and to be available for Adhoc meetings. What we learned is that inter-personal behaviors and relationships can do so much to maintain the flow of information in the remote audit process. What was left to us was to learn the balancing of both personal breaks and work timeslots. The feedback from our remote auditees is that the “remote auditing process is seamless and has time savings’.

    A remote audit has already proven beneficial for both auditors and clients. It is probable that this is here to stay and auditees have to redesign themselves to adapt to the new normal.
     


     
    Would you like to rate us on Google?         

     

    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
    Next Reviews

    Get in touch

    Whatever your question our team will point you in the right direction

    Start the conversation
    Get in touch
    x
    x

    Share to:

    Copy link:

    Copied to clipboard Copy