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Business Studies

Modern Techniques of Managerial Control

Auditing firm...

Question

Auditing firms should establish quality control policies and procedures for personnel management in order to provide reasonable assurance that _________.

A

Employees promoted possess the appropriate characteristics to perform competently

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B

Personnel will have the knowledge required to fulfill responsibilities assigned

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C

The extent of supervision and review in a given instance will be appropriate

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D

All of the above are reasons

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Solution

The correct option is C Personnel will have the knowledge required to fulfill responsibilities assigned
If the team of the auditor is not knowledgeable and is not aware about the various accounting standards, auditing standards , etc, the entire audit exercise may not be fruitful for the auditor as well as the auditee.
The personnel should be responsible , knowledgeable and updated.

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