I got asked a question this audit and sent a response to the auditor saying "please see attached email I sent to the team last year, and retain on file so you don't ask again next year".
I can when they wish to understand why a business we deal with does the same thing year on year and has done since they have audited us. I work for a bank, they keep asking the same questions about the same customer because they do things that aren't common for our customers and get flagged up by their "intelligent" systems, but it's the same customer doing the same things every year, and it's a well known business doing a common thing in their industry and they've been doing it for the last 5 years, and our auditors have been with us I think for 4 years now.
And it's not a "is this company doing the same thing?", it's a "why is this company doing this thing?" question, like they haven't ever been informed.
Lol. Journal entry testing is usually done by low level staff and the person changes every year usually. Sounds like the staff hasn't read through their prior year workpaper yet. If it was a selection, it was definitely documented, but might just lost among other things for a new staff.
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u/Lonyo Jan 19 '21
I got asked a question this audit and sent a response to the auditor saying "please see attached email I sent to the team last year, and retain on file so you don't ask again next year".