Interesting Audit Update
As per SA 330 it is not mandatory to perform test of controls each year, it should be done once in 3 years.
Provided there is no change in controls from the previous year in which it was last checked.
But there is one important EXCEPTION , controls which are working to protect against “Significant Risk” ( where likely hood and impact of misstatement is high) should be checked “each year”.
CA Ravi Taori