Establish the Engagement Team :
The selection of the engagement team is a key activity in the development and execution of an effective and efficient audit plan. The assignment of qualified and experienced professionals is an important component of managing engagement risk. The size and composition of the engagement team would depend on the size, time available to complete the assignment, nature, and complexity of the bank’s operations.
The audit engagement partner should be satisfied that the engagement team collectively has the appropriate capabilities, competence, and time to
perform the audit engagement. The audit engagement partner should determine that the engagement team selected is appropriate for the audit engagement.
The audit engagement partner is also responsible for ensuring where additional technical assistance or specialised knowledge is required as a result of the nature and characteristics of the audit engagement. This may require the inclusion of one or more specialists, like, IT specialists, fair value specialists, etc. Other specialists with appropriate competencies can also be used, including but not limited to those related to fraud, exploratory data analysis, tax, industry, financial instruments and derivatives, legal, actuarial, post-employment benefits, etc.