A first audit requires more work than a repeat engagement.

Name: A first audit requires more work than a repeat engagement.
Brand: Quizplus
Rating: 4.8 (33 reviews)

Question

Quizplus · Accepted Answer

This is because during the first audit, the auditor needs to familiarize themselves with the client's operations and internal controls, assess the risk of material misstatements, and design audit procedures to address those risks. In subsequent audits, the auditor may already be familiar with the client's operations and controls, which can reduce the amount of work needed.

A First Audit Requires More Work Than a Repeat Engagement