What is the main cause of inefficiency when conducting at audit?

Question

Hi I just wanted to get some diverse opinions on this topic that will be crucial to an assignment I am completing for uni. My question is, audits are important for companies as they certify that the proceedings of the company are legit and so forth.
But there are times when certain factors affect the efficiency of an audit. Would you (the community familiar with business and finance) agree that the main reason audits cannot be completed on time is because of a lack of cooperation between the auditor and the client? or is there another factor that affects the efficiency of an audit?

specific and extensive answers are most welcome

Answer 1

To conduct an efficient audit, planning is very important, and this involves knowledge of the business and the environment in which it operates. All this knowledge (internal and external) will help you to identify the risk areas. Once you know where the audit risks are, you can plan your audit procedures to be more targeted or focused. If petty cash is not identified to be a risk area, you don't want to spend your time auditing the hell out of petty cash. On the other hand if trade receivables are doubtful in this industry or in this company based on history, you'd want to spend more time concentrating on the assertion of valuation of receivables. Without knowing where to concentrate your time, your audit will be very inefficient indeed.

On a separate note, lack of co-opn betw client and audit will certainly lead to inefficiency, but there's a more basic consideration - that of acceptance and continuation of the audit. Clients are supposed to offer full co-opn to the auditors. If they don't you should consider why you're still the auditor and whether you should exit the client.

Answer 2

Sometimes the time needed to count tills and safe(s) is simply miscalculated and therefore enough time isn't scheduled.

Answer 3

bad counting.

Answer 4

Hmm.. do your own homework!

Answer 5

stupidity !