Audit questions reward precision. The same avoidable mistakes appear in script after script. Eliminate these ten and you immediately separate yourself from the average candidate.
The ten pitfalls
- Confusing audit risk with business risk — they are related but not the same thing.
- Listing procedures without saying what assertion they test or why.
- Writing 'check' instead of a specific verb like inspect, recalculate, confirm, or observe.
- Ignoring materiality when recommending an audit response.
- Treating every risk as fraud when most are simple error risks.
- Forgetting that the auditor gives reasonable, not absolute, assurance.
- Mixing up the responsibilities of management and those of the auditor.
- Recommending a modified opinion without justifying which type and why.
- Skipping the impact on the audit report at the end of a scenario.
- Running out of time because of over-writing on early, low-mark parts.
Procedures must be specific
A procedure earns marks only when it is actionable. 'Check the inventory' earns nothing. 'Attend the year-end count, inspect a sample of high-value items, and agree quantities to the count sheets' earns full marks because an examiner can see exactly what you would do.
Name the assertion, name the procedure, name the evidence. Do that every time and audit becomes the most predictable paper you sit.
