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required in certain circumstances, for example
where there is a public interest, where the
client is deemed to represent potentially high
reputational risk to the firm, where a longstanding
relationship exists, or where the RI is
being mentored. Independent second opinion
reviews are also conducted when an enhanced
audit report is to be issued or a modified
audit opinion, emphasis of matter or material
uncertainty is being contemplated.
The audit staff planning resource
tool ensures that RIs can select a
team with the appropriate skills
and expertise for a particular
engagement.
RSM Orb is supported by computerised audit
software which enables the planned audit
work to be tailored, based on the team's
documented risk assessment. Whilst its
functionality, along with the inbuilt controls
and structured workflows, promotes discipline
and compliance with International Standards
on Auditing, it allows audit teams to focus on
the exercise of judgement and evidence their
scepticism and challenge of management,
leading to well-documented, effective and
robust quality audits.
AUDIT QUALITY