The Auditing Practices Board today published new guidance for auditors of e-commerce, highlighting potential pitfalls. Areas pinpointed focus on the volume, velocity and nature of transactions, taxation, legal and regulatory requirements and accounting policies implemented.
Ian Plaistowe, APB chairman, said: ‘The conduct of commercial activities through the internet has expanded significantly in recent years; this is likely to continue and applications are likely to become more complex and increasingly integrated with accounting systems.’
The APB bulletin suggests auditors either develop specialist skills and identify risks, or hire third-party IT specialists. It cites manual or poor interface between e-business and accounting systems, the wide range of computer connections, and the location of an operation’s headquarters as examples of risks.
For more on the bulletin, visit www.apb.org.uk
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