ACCA AA Syllabus D. Audit Evidence - Smaller Entity Evidence - Notes 4 / 5
Smaller entities have fewer internal controls
Problems will include:
Segregation of duties often lacking due to not enough staff
Owners often dominate all major aspects of the business
When expanding - management focus on this and not on controls
Record keeping and documentation of systems and controls may be informal or inadequate
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Syllabus D. Audit Evidence
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Syllabus D. Audit Evidence
D2. Audit procedures