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- The next day at the audit team's office
- We particularly focused on their revenues after lockdown started as the client asserted that they experienced decreased revenue and increased spoilage. But after reviewing the aggregate revenue data it appears that they have experienced steady revenues during those periods.
- We were satisfied with the controls of the company but we found some controls that were weak and we would like to obtain further evidence from the client and conduct interviews.
- Initially, when we spoke to the client, they stated that they were experiencing decreased sales due to spoilage but the data shows they maintained consistent sales even after the lockdown started.
- We will need to conduct further testing after interviewing the staff to see why it does not match their assertions.
- oh...
- agreed.
- agreed.
- Those are suspicious circumstances which we need to look into.
- I think we should set up an interview with some managers and staff to find out whether there were any issues with their controls, sales recognition or measurement during those periods.
- Book appointments with the employees/managers for gathering information.
- Unfortunately due to the current restrictions we most likely need to set up Zoom meetings for interviews and collecting information unlike other years where we could meet the client. Would that be okay?
- yes, it will be fine.
- I'm sorry, but I don't agree.
- Since I know the client better, I think it would be best for me to do the audit interviews.
- I do not think that is in the best interest of the audit team. As auditors, we need to maintain our independence. Based on the initial meeting we had with the client, you seem to have a close relationship with him. As such, I think it would be best if you let our senior consultant handle the interviews to maintain independence.
- alright.
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