A. The new Wiley Advantage Audit powered by AuditFile allows auditors of non-public companies to become more efficient by eliminating the confusion and redundancy of other practice aids and intelligently automating the entire process. Each of the audit guides included in the software is customized for a particular industry, and our audit guidance is designed to maximize audit efficiency best practices.
The Wiley Advantage Audit guides are easy-to-use, risk-based audit program and planning documents, which help auditors comply with risk-based professional standards in a straightforward manner to make their low-complexity audits easier and more profitable.
These quality control materials are designed for "low complexity" engagements: those that are generally smaller in size, have one operating location, less complex accounting, smaller internal accounting departments, and no multinational operations. These materials are generally intended for use by smaller firms—however, firms of all sizes can use these materials, if adequate firm controls exist to limit use to the appropriate engagements.
The intended users of Advantage Audit Quality Control Materials are professionals with substantial accounting and specific industry experience and knowledge. These materials are not intended as teaching or learning tools for the user. Professionals are reminded to use professional judgment in the application of these materials based on facts and circumstances.