Forty Mistakes Auditors Make

Here are 40 technology, planning, and execution deficiencies

Here are forty mistakes auditors make. While the list is (obviously) not comprehensive, you’ll see common technology, planning, and execution mistakes.

forty mistakes auditors make

  1. We aren’t paperless.
  2. We don’t link our trial balances to our work papers.
  3. We haven’t learned to use Adobe Acrobat.
  4. We don’t use optical character recognition (OCR), so we can’t electronically search our documents.
  5. We don’t use project management software such as Basecamp.
  6. We lose team communications (i.e., emails) because we aren’t using Slack.
  7. We use old (slow) computers.
  8. We don’t properly consider and document our independence.
  9. We don’t perform continuance procedures.
  10. We don’t assign appropriate personnel to risky engagements.
  11. We don’t appropriately price the engagement which leads to unattainable time budgets.
  12. We don’t focus our efforts on particular niches (thinking we can audit anything that comes our way).
  13. We keep doing the same thing year after year after year (and then complain we have too much time in the job).
  14. We assume we already know all the risks.
  15. We perform no (real) risk assessment.
  16. We don’t perform walkthroughs because we assume nothing has changed.
  17. We don’t perform walkthroughs because we are afraid of interacting with client personnel.
  18. We don’t consider internal control weaknesses in our risk assessment and audit program development.
  19. We create preliminary analytics in a perfunctory manner, not allowing them to inform us about risks.
  20. We ask perfunctory fraud questions without truly considering fraud risks.
  21. We don’t perform retrospective reviews of estimates.
  22. We don’t link identified risks to our audit plans.
  23. We don’t (really) have an engagement team discussion.
  24. We don’t tailor our audit programs.
  25. We don’t add purpose statements or conclusions on our work papers.
  26. We don’t define our tickmarks.
  27. We receive unnecessary documents from the client and leave them in the audit file.
  28. We leave review notes in the file.
  29. We don’t sign off on work papers, so no one knows who created the document.
  30. We don’t perform post-audit reviews to document the mistakes we made (so they won’t be repeated next year).
  31. We ask clients for certain documents without showing them the prior year example (and they provide the wrong document).
  32. We get on and off the same engagement too many times, losing momentum and wasting time.
  33. We send our audit team into the field even though the client hasn’t provided requested information.
  34. We don’t educate the client regarding the importance of timely information.
  35. We use staff that are not properly trained.
  36. We don’t plan our CPE to address upcoming audits.
  37. We don’t review staff work on a timely basis, so feedback is late (or not provided at all).
  38. We don’t report significant deficiencies or material weaknesses (because of client push-back).
  39. We fail to lock down our files.
  40. We don’t add value to our audits.

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