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Audit p7 completion

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josianne1977

The document outlines the key procedures and considerations for completing an audit under ISA standards. It discusses initial audit engagements, comparative financial information, other information included in annual reports, post-statement of financial position events, the going concern assessment, and final review procedures. The goal is to ensure all necessary audit procedures have been performed and documentation is complete prior to issuing the audit report.

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COMPLETION OF AN AUDIT
Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
ISA 510 INITIAL ENGAGEMENTS
ISA 510 INITIAL ENGAGEMENTS OPENING BALS NO MATERIAL MIS-STATEMENT
ISA 510 INITIAL ENGAGEMENTS OPENING BALS LAST YEARS NO MATERIAL MIS-STATEMENT FIGURES RESTATED
ISA 510 INITIAL ENGAGEMENTS OPENING BALS LAST YEARS POLICIES NO MATERIAL MIS-STATEMENT FIGURES RESTATED CONSISTENTLY APPLIED CHANGES DISCLOSED
ISA 510 INITIAL ENGAGEMENTS
ISA 510 INITIAL ENGAGEMENTS LAST YEAR AUDIT QUALIFIED?
ISA 510 INITIAL ENGAGEMENTS LAST YEAR AUDIT ADJUSTMENTS QUALIFIED? IN LEDGERS TOO?
ISA 510 INITIAL ENGAGEMENTS LAST YEAR AUDIT ADJUSTMENTS NO AUDIT? QUALIFIED? IN LEDGERS TOO? TALK TO MANAGEMENT REVIEW P/Y CONTROLS & RECORDS RESOLVED? TEST OPENING POSITION
Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
COMPARATIVES (ISA 710)
COMPARATIVES (ISA 710) COMPLY WITH FR FRAMEWORK (NO ERRORS)
COMPARATIVES (ISA 710) COMPLY WITH FR FRAMEWORK (NO ERRORS) PRIOR PERIOD ADJ CHECK RESTATED EMPHASIS OF MATTER PARAGRAPH IF NOT RESTATED - QUALIFY
COMPARATIVES (ISA 710) COMPLY CONSISTENT POLICIES WITH FR FRAMEWORK (NO ERRORS) PRIOR PERIOD ADJ CHECK RESTATED EMPHASIS OF MATTER PARAGRAPH IF NOT RESTATED - QUALIFY
Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
OTHER INFO (ISA 720)
OTHER INFO (ISA 720) EXAMPLES CHAIRMANS REPORT 5 YR SUMMARIES
OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS
OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS REPORT INCONSISTENT EMPHASIS OF MATTER
OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS ACCOUNTS WRONG REPORT EXCEPT FOR PARAGRAPH INCONSISTENT EMPHASIS OF MATTER
OTHER INFO (ISA 720) EXAMPLES NOT HAPPY? RESIGN / REFUSE TO REPORT CHAIRMANS IDENTIFY GET LEGAL ADVICE REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS ACCOUNTS WRONG REPORT EXCEPT FOR PARAGRAPH INCONSISTENT EMPHASIS OF MATTER
Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
ADJUSTING anything which tells us more about the condition at the year end
ADJUSTING DAMAGED STOCK anything which tells us more about the condition at the year end
ADJUSTING DAMAGED STOCK TAX LIABILITY anything which tells us more about the condition at the year end
ADJUSTING DAMAGED STOCK DOUBTFUL DEBTS TAX LIABILITY anything which tells us more about the condition at the year end
ADJUSTING DAMAGED STOCK DOUBTFUL DEBTS TAX LIABILITY DISCOVERY OF ERRORS anything which tells us more about the condition at the year end
NON-ADJUSTING material but arose after year end.. just disclose
NON-ADJUSTING ISSUE OF SHARES material but arose after year end.. just disclose
NON-ADJUSTING ISSUE OF SHARES FIRES, FLOODS material but arose after year end.. just disclose
POST SFP EVENTS - procedures Management Procedures how do they identify them? Review Board minutes will it work? Ask them directly too Management Accounts Representation Letter Cash鍖ow forecasts etc
AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
GOING CONCERN (IAS 570) Auditor assess Management assumptions made Review Management Responsibility future plans & get to assess representations Examine re鍖nancing needs Post SFP Events Any litigation? Can ful鍖ll orders?
RISK INDICATORS
RISK INDICATORS Costs increasing Supply shortages Failing industry High gearing Directors loans Loss of key staff or customers
Foreseeable Future Same as Management at least 12m
IF not GOING CONCERN Re-state If Accounts Refused Break up basis Adverse Audit Opinion
IF not GOING CONCERN Signi鍖cant Doubt Disclose Emphasis of Matter
Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
Final REVIEW
Final REVIEW DETAILED REVIEW SENIOR REVIEWS JUNIOR QUALITY CONTROL
Final REVIEW DETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES?
Final REVIEW DETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES? PARTNER REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
Final REVIEW DETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES? OTHERS PARTNER HOT & COLD REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
Final REVIEW DETAILED REVIEW WHY BOTHER? ACCORDING TO PLAN? FLEXIBLE PLAN? WORK DONE? MANAGER SUFFICIENT EVIDENCE? SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES? OTHERS PARTNER HOT & COLD REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
LAST PROCEDURES
LAST PROCEDURES ANALYTICAL REVIEW FOR T&F ALL BALANCES SUBSTANTIATED CHECKLIST FOR DISCLOSURES CHECKLIST FOR ACCOUNTING POLICIES

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Audit p7 completion

  • 1. COMPLETION OF AN AUDIT
  • 2. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
  • 4. ISA 510 INITIAL ENGAGEMENTS OPENING BALS NO MATERIAL MIS-STATEMENT
  • 5. ISA 510 INITIAL ENGAGEMENTS OPENING BALS LAST YEARS NO MATERIAL MIS-STATEMENT FIGURES RESTATED
  • 6. ISA 510 INITIAL ENGAGEMENTS OPENING BALS LAST YEARS POLICIES NO MATERIAL MIS-STATEMENT FIGURES RESTATED CONSISTENTLY APPLIED CHANGES DISCLOSED
  • 8. ISA 510 INITIAL ENGAGEMENTS LAST YEAR AUDIT QUALIFIED?
  • 9. ISA 510 INITIAL ENGAGEMENTS LAST YEAR AUDIT ADJUSTMENTS QUALIFIED? IN LEDGERS TOO?
  • 10. ISA 510 INITIAL ENGAGEMENTS LAST YEAR AUDIT ADJUSTMENTS NO AUDIT? QUALIFIED? IN LEDGERS TOO? TALK TO MANAGEMENT REVIEW P/Y CONTROLS & RECORDS RESOLVED? TEST OPENING POSITION
  • 11. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
  • 13. COMPARATIVES (ISA 710) COMPLY WITH FR FRAMEWORK (NO ERRORS)
  • 14. COMPARATIVES (ISA 710) COMPLY WITH FR FRAMEWORK (NO ERRORS) PRIOR PERIOD ADJ CHECK RESTATED EMPHASIS OF MATTER PARAGRAPH IF NOT RESTATED - QUALIFY
  • 15. COMPARATIVES (ISA 710) COMPLY CONSISTENT POLICIES WITH FR FRAMEWORK (NO ERRORS) PRIOR PERIOD ADJ CHECK RESTATED EMPHASIS OF MATTER PARAGRAPH IF NOT RESTATED - QUALIFY
  • 16. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
  • 18. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS REPORT 5 YR SUMMARIES
  • 19. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS
  • 20. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS REPORT INCONSISTENT EMPHASIS OF MATTER
  • 21. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS ACCOUNTS WRONG REPORT EXCEPT FOR PARAGRAPH INCONSISTENT EMPHASIS OF MATTER
  • 22. OTHER INFO (ISA 720) EXAMPLES NOT HAPPY? RESIGN / REFUSE TO REPORT CHAIRMANS IDENTIFY GET LEGAL ADVICE REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS ACCOUNTS WRONG REPORT EXCEPT FOR PARAGRAPH INCONSISTENT EMPHASIS OF MATTER
  • 23. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
  • 24. ADJUSTING anything which tells us more about the condition at the year end
  • 25. ADJUSTING DAMAGED STOCK anything which tells us more about the condition at the year end
  • 26. ADJUSTING DAMAGED STOCK TAX LIABILITY anything which tells us more about the condition at the year end
  • 27. ADJUSTING DAMAGED STOCK DOUBTFUL DEBTS TAX LIABILITY anything which tells us more about the condition at the year end
  • 28. ADJUSTING DAMAGED STOCK DOUBTFUL DEBTS TAX LIABILITY DISCOVERY OF ERRORS anything which tells us more about the condition at the year end
  • 29. NON-ADJUSTING material but arose after year end.. just disclose
  • 30. NON-ADJUSTING ISSUE OF SHARES material but arose after year end.. just disclose
  • 31. NON-ADJUSTING ISSUE OF SHARES FIRES, FLOODS material but arose after year end.. just disclose
  • 32. POST SFP EVENTS - procedures Management Procedures how do they identify them? Review Board minutes will it work? Ask them directly too Management Accounts Representation Letter Cash鍖ow forecasts etc
  • 33. AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
  • 34. AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
  • 35. AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
  • 36. AUDITOR RESPONSIBILITY POST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUE UNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue report Identify events & their impact - qualify? if Refused - get legal advice If refused - resign or EGM
  • 37. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
  • 38. GOING CONCERN (IAS 570) Auditor assess Management assumptions made Review Management Responsibility future plans & get to assess representations Examine re鍖nancing needs Post SFP Events Any litigation? Can ful鍖ll orders?
  • 40. RISK INDICATORS Costs increasing Supply shortages Failing industry High gearing Directors loans Loss of key staff or customers
  • 41. Foreseeable Future Same as Management at least 12m
  • 42. IF not GOING CONCERN Re-state If Accounts Refused Break up basis Adverse Audit Opinion
  • 43. IF not GOING CONCERN Signi鍖cant Doubt Disclose Emphasis of Matter
  • 44. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINAL ENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
  • 46. Final REVIEW DETAILED REVIEW SENIOR REVIEWS JUNIOR QUALITY CONTROL
  • 47. Final REVIEW DETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES?
  • 48. Final REVIEW DETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES? PARTNER REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
  • 49. Final REVIEW DETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES? OTHERS PARTNER HOT & COLD REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
  • 50. Final REVIEW DETAILED REVIEW WHY BOTHER? ACCORDING TO PLAN? FLEXIBLE PLAN? WORK DONE? MANAGER SUFFICIENT EVIDENCE? SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES? OTHERS PARTNER HOT & COLD REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
  • 52. LAST PROCEDURES ANALYTICAL REVIEW FOR T&F ALL BALANCES SUBSTANTIATED CHECKLIST FOR DISCLOSURES CHECKLIST FOR ACCOUNTING POLICIES

Editor's Notes