Question: You are a trainee auditor working for a small audit firm. You completed your accounting degree at the end of last year and although you

You are a trainee auditor working for a small audit firm. You completed your accounting degree at the end of last year and although you have not yet had much experience, you are concerned about some of the practices and procedures adopted by your audit firm.
You overhear the two partners, Anouk and Riley, discussing some problems they are facing with a particular client. Anouk is advising Riley to "get the paperwork right" on the audit, otherwise they will be in trouble with CPAB's inspection program. After the conversation, Riley comes to you to ask if you, as a recent graduate, know anything about the CPAB inspection. Riley confesses that he hasn't been keeping up to date.
Required
Write a report to Riley explaining CPAB's audit inspection program.

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Refer to review question 110 for an analysis of review of audit quality and its role in inspecting auditors with respect to the CPAB Review question 110 The two main bodies that regulate auditors are ... View full answer

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