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TRANSPARENCY REPORT |
Methodology and technology
Our audit methodology and the tools which support the teams in
the delivery of engagements are often bespoke and are constantly
being adapted to changes in regulation, technological developments
and our constant commitment to improving audit quality.
RSM Orb global audit methodology
RSM Orb is a global audit methodology
which enables us to deliver co-ordinated and
consistent as well as insightful audits. Whilst
the methodology has a robust framework,
it provides sufficient flexibility to adapt to
developments eg artificial intelligence and
changes to UK auditing standards. This
flexibility has also enabled us to respond to
the challenges presented by coronavirus on
a timely basis.
RSM Orb requires a detailed understanding
of the business, the industry in which it
operates and the systems and controls
which it has in place. Our regular contact
with management throughout the financial
year ensures that we are aware of key
developments. These exchanges feed into
our audit plan which is based on a detailed
risk assessment and enabling focused
testing to be performed. The audit plan is
revisited and revised, where necessary,
during the course of the audit as the audit
team responds to their findings.
We use a range of techniques in
carrying out our audit testing
including substantive analytical
procedures, tests of controls and
tests of details.
Each audit team member is responsible for
considering the quality of their work before
signing it off. In addition, with the exception
of the RI, the work of every team member
is reviewed and signed off by another, more
senior, person. Additional engagement
quality control reviews by colleagues who
are independent of the audit team are
AUDIT QUALITY