The main objective of an express audit engagement is to get a qualified opinion and expert advice within the shortest possible time at minimum cost.
A qualified express audit report includes:
- guidelines for tax reporting and accounting;
- advice on possible tax risks and ways of improving accounting system.
The volume of procedures included in an express audit engagement is less than that of general audit (this is the difference between the two types of audit) and the cost of this service is much lower. In fact, express audit may mean a single purpose audit engagement, i.e. an auditor pays special attention to those segments of an accounting system which are specified by a Client.
For instance, during general audit an auditor has to effect selective revision of all supporting documents relating to entity’s transactions in accordance with materiality level within the period audited. The difference of an express audit is that an auditor inspects paperwork in general, for instance, several consignments from a certain supplier. This is what provides for time saving during express audit.
Although not many entities require to be audited, an unbiased audit engagement allows getting the most qualified estimation of the status of entity’s accounting and authenticity of certain accounting issues. This will help to analyze possible risks.