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01.07.2022 - 23:56

How can an audit team compensate for risk that results when a significant portion of data is overseas and outside of the audit universe?

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How can an audit team compensate for risk that results when a significant portion of data is overseas and outside of the audit universe?

Answers (1)

Aline April 10, 2023 в 06:03

One way for the audit team to compensate for the risk that results from overseas data is to engage local auditors or subject matter experts who are familiar with the business practices and regulations of the specific country or region. They can help the audit team to understand the cultural and legal differences that may impact the data and provide valuable insight into potential risks that may exist. Additionally, the audit team can leverage technology tools to access and analyze the data remotely, which can help to bridge the distance gap and make informed risk assessments. It is important for the audit team to have a comprehensive understanding of the risks associated with the overseas data and to develop a plan to address these risks using all available resources.

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