DISADVANTAGES OF A SOCIAL AUDIT Expensive. Disadvantages of an Audit Programme . Mechancial: When audit work is conducted mechanically every year based on the audit programme, it causes monotony and boredom to the auditor and audit … Audit program can be presented in the court also. Some most important advantages and disadvantages of auditing are the following: Advantages of auditing Access to Capital Market : Public limited companies must satisfy audit requirements under the Securities and Exchange Commission in order to register securities and have them traded in the securities markets. understanding of the action required to implement a policy. 5. Advantages and disadvantages of audit committees An audit committee is a committee comprising of non-executive directors which is able to view a company’s affairs in a detached and independent way and collaborate effectively between the main board of directors and the external auditors. Social audits like any other auditing need a considerable amount of funding. An audit program provides a basic plan for the audit team regarding the entity’s business, its size, how to conduct the audit, allocation of work among team members and the estimation of time within which it should complete the work.. Advantages of the approach ... Identify the audit procedures which would need to be carried out in order to identify material post – balance sheet events. This is a tedious task that needs volunteers and staff members. Auditing is important as it also protects the public from scams and corrupt business procedures.The advantages for a business audit are:1. creating policies and procedures is an unnecessary business cost and that The following are the advantages and disadvantages of a Command Economy. By using this procedure, the auditor locates the information necessary to perform different auditing tasks. When an auditor uses CAATs for auditing software, this involves reading the client's data files. Date posted: February 22, 2019. 8 advantages of workplace policies. The disadvantages that may be experienced by conducting audit as per predetermined audit programme are - 1. Audit Programme. Gain a strong sense of internal control.2. It contains details regarding the relevancy of evidence, materiality level, risk tolerance, measure of the sufficiency of the evidence. Yet the auditor runs into disadvantages by needing the necessary training skills to run the complicated auditing programs. List four advantages and four disadvantages of using the risk-based audit approach when auditing the financial statements of limited companies. 1. Disadvantages of Operational Audit It is a process that costs money; so many companies are reluctant or simply cannot afford it. Audit assistants while they actually using the audit programme should really feel that they have actually some discretion in practice. With auditing, potential investors and creditors can look at the financial statements to decide whether to invest in a business or not. Related Topics Meaning Of Audit Program Objectives Of Audit Programs Disadvantages Of Audit Program Types Of Audit Program Collecting information, auditing at regular intervals, surveying stakeholders, and then analyzing the result with the chosen standard and finally publishing it. Answers. For example, a new employee orientation process should include reviewing policies and procedures. It requires a relatively long period of time to complete since it is an analysis and exhaustive examination of the company’s operations with … Hence, to guard against the disadvantages, it is usually suggested that an audit programme should be divided into two parts, viz., Work common to all types of audit, and; Work relating to a particular audit. Auditor can present audit program as proof if he/she has been accused of misfeasance or negligence and can get clearance from such accusation.