Audit Program 3.0
Step 6. Our Audit Program 3.0 can help you reduce error rates
Price: Starting from HK$300 for 1 Audit Engagement (For Bulk Purchase Only)
EQC Value Proposition – A Game Changer
Here are 4 reasons why your practice should engage us for Audit Program 3.0.
i. Resolves the Most Common Inspection Findings
ii. Fastest Turnaround Delivery in the Market
iii. Lowest Cost in the Market
iv. Technology Helps to Eliminate Human Errors
i. Resolves the Most Common Inspection Findings
In the past months, EQC has been constantly improving our documentation in addressing common inspection findings, and we can confidently confirm that our Audit Program 3.0 can effectively address TEN of the most prevalent audit deficiencies that are commonly found in audit programs across the entire SMP industry.
- Lack of evaluation of the internal controls on the allocation of the contract costs to different projects and service contracts / on key business processes.
- Lack of risk assessment on the assertion level.
- Lack of fraud risk considerations and inadequate procedures on management override of controls.
- Inadequate documentation on how and when AML name-screening procedures are performed, and responses to identified PEP principals.
- Lack of considerations of assertion and financial statement level risks in determining sample sizes for extent of substantive tests of details.
- Lack of considerations of the impact of new accounting standards on opening balance and current year financial statements.
- Lack of documentation on work done on going concern considerations.
- Lack of documentation on the use of a proper audit opinion.
- Absence in performing preliminary and final analytical reviews.
- Lack of audit scoping for significant components of group audits, and insufficient documentation on the proper determination of group and component materiality.
ii. Fastest Turnaround Delivery in the Market
Now you are familiar with the problems it resolves, you would probably be wondering if we have the manpower the complete so many audit programs. We proudly guarantee a 2-week turnaround time. With EQC, it is no longer a dream that audit documentation that complies with Auditing Standards, can be completed and archived within 60 days from your audit report date. What worries would you still have over inspections if all your audit engagements have sufficient documentation, and all your audit files are created AND archived before the archive deadline?
iii. Lowest Cost in the Market
Through our determination on digital transformation, we have been able to lower the cost to levels significantly below the equivalent time-cost of a typical audit junior.
The lowest cost of a full-time audit junior would be around HK$13,000 per month, assuming a 5-day work-week, the time cost would be HK$590 per work-day. For a set of well-documented audit programs, there are roughly 200 pages per audit engagement, would it be safe to assume that a very competent audit junior may take up to 6-8 hours to fully complete them? This is equivalent to HK$440 to HK$590 of time cost.
Putting the many uncertainties aside, some of which may include a shortage of audit juniors, language barriers, poor written English, mounting training costs for inexperienced audit staff, lack of audit concepts and their frequent non-compliance with auditing standards. We can go on and on.
We are pleased to introduce our game changer: Audit Program 3.0. A custom-prepared 200-page audit program specific to the details of your audit engagement. An editable excel file will be provided to you, with a system modified date that is dated well before your archive due date – from as low as HK$300 per audit engagement.
You no longer have to pay hefty upfront costs to buy working paper templates or audit software, which would still require an additional budget for training and audit inefficiencies, and more often than not, these trained staff may “jump-ship” to other firms after a short period of employment. Imagine all the recurring fixed costs that you can start saving today
iv. Technology Helps to Eliminate Human Errors
Human mistakes arising from carelessness is always inevitable. If you have previously purchased / encountered working paper templates available in the market, you would realize that it would almost be an impossible feat to digest the 1000-page long audit practice manual to ensure that the documented procedures have indeed been carried out in your working paper files.
Any inconsistencies between your firm’s audit practice manual and the archived working papers would be undisputable indicator of weakness in the firm’s engagement performance procedures.
Our technological-based Audit Program 3.0 helps to eliminate any inconsistencies between the 200-page programs and your audited financial statements, which would also significantly reduce your costs in file reviews. Your time can thus be re-invested into areas that commercially matter to your business.
To learn more and register for a free live demonstration, please click here.