Auditing in Industries

Auditing Firm Auditing Firms in Dubai Identifying the risks of material misstatement, non-conformance and non-conformance in a specific industry should be approached in the same way as any other audit – by obtaining a reasonable understanding of the business and its environment. Assuming staff have the required competencies as described above, this should not be a problem. Audit firms may have additional resources to support audit team members assigned to specific industry clients. There may be internal informational notices or technical guidance on how accounting standards should be applied in the industry. For example, when auditing clients in the banking sector, the audit firm may provide guidance on the specific application of IFRS® standards to the class of financial instruments normally held by banks. The assurance staff can then refer to this guide in conducting their assurance engagements, particularly when identifying risks of material misstatement. It is also important to ...