Audit p7 completion

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  • Audit p7 completion

    1. 1. COMPLETION OF AN AUDIT
    2. 2. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINALENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
    3. 3. ISA 510INITIAL ENGAGEMENTS
    4. 4. ISA 510 INITIAL ENGAGEMENTS OPENING BALSNO MATERIAL MIS-STATEMENT
    5. 5. ISA 510 INITIAL ENGAGEMENTS OPENING BALS LAST YEAR’SNO MATERIAL MIS-STATEMENT FIGURES RESTATED
    6. 6. ISA 510 INITIAL ENGAGEMENTS OPENING BALS LAST YEAR’S POLICIESNO MATERIAL MIS-STATEMENT FIGURES RESTATED CONSISTENTLY APPLIED CHANGES DISCLOSED
    7. 7. ISA 510INITIAL ENGAGEMENTS
    8. 8. ISA 510 INITIAL ENGAGEMENTSLAST YEAR AUDIT QUALIFIED?
    9. 9. ISA 510 INITIAL ENGAGEMENTSLAST YEAR AUDIT ADJUSTMENTS QUALIFIED? IN LEDGERS TOO?
    10. 10. ISA 510 INITIAL ENGAGEMENTSLAST YEAR AUDIT ADJUSTMENTS NO AUDIT? QUALIFIED? IN LEDGERS TOO? TALK TO MANAGEMENT REVIEW P/Y CONTROLS & RECORDS RESOLVED? TEST OPENING POSITION
    11. 11. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINALENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
    12. 12. COMPARATIVES (ISA 710)
    13. 13. COMPARATIVES (ISA 710) COMPLYWITH FR FRAMEWORK (NOERRORS)
    14. 14. COMPARATIVES (ISA 710) COMPLY WITH FR FRAMEWORK (NO ERRORS) PRIOR PERIOD ADJCHECK RESTATEDEMPHASIS OF MATTER PARAGRAPHIF NOT RESTATED - QUALIFY
    15. 15. COMPARATIVES (ISA 710) COMPLY CONSISTENT POLICIES WITH FR FRAMEWORK (NO ERRORS) PRIOR PERIOD ADJCHECK RESTATEDEMPHASIS OF MATTER PARAGRAPHIF NOT RESTATED - QUALIFY
    16. 16. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINALENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
    17. 17. OTHER INFO (ISA 720)
    18. 18. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS REPORT 5 YR SUMMARIES
    19. 19. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS
    20. 20. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS REPORT INCONSISTENT EMPHASIS OF MATTER
    21. 21. OTHER INFO (ISA 720) EXAMPLES CHAIRMANS IDENTIFY REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS ACCOUNTS WRONG REPORTEXCEPT FOR PARAGRAPH INCONSISTENT EMPHASIS OF MATTER
    22. 22. OTHER INFO (ISA 720) EXAMPLESNOT HAPPY?RESIGN / REFUSE TO REPORT CHAIRMANS IDENTIFYGET LEGAL ADVICE REPORT INCONSISTENCY 5 YR SUMMARIES OR NON FACTS ACCOUNTS WRONG REPORT EXCEPT FOR PARAGRAPH INCONSISTENT EMPHASIS OF MATTER
    23. 23. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINALENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
    24. 24. ADJUSTINGanything which tells us more about the condition at the year end
    25. 25. ADJUSTINGDAMAGED STOCK anything which tells us more about the condition at the year end
    26. 26. ADJUSTING DAMAGED STOCKTAX LIABILITY anything which tells us more about the condition at the year end
    27. 27. ADJUSTING DAMAGED STOCK DOUBTFUL DEBTSTAX LIABILITY anything which tells us more about the condition at the year end
    28. 28. ADJUSTING DAMAGED STOCK DOUBTFUL DEBTSTAX LIABILITY DISCOVERY OF ERRORS anything which tells us more about the condition at the year end
    29. 29. NON-ADJUSTINGmaterial but arose after year end.. just disclose
    30. 30. NON-ADJUSTINGISSUE OF SHARES material but arose after year end.. just disclose
    31. 31. NON-ADJUSTINGISSUE OF SHARES FIRES, FLOODS material but arose after year end.. just disclose
    32. 32. POST SFP EVENTS - proceduresManagement Procedures how do they identify them? Review Board minutes will it work? Ask them directly too Management Accounts Representation Letter Cashflow forecasts etc
    33. 33. AUDITOR RESPONSIBILITYPOST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUEUNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue reportIdentify events & their impact -qualify? if Refused - get legal advice If refused - resign or EGM
    34. 34. AUDITOR RESPONSIBILITYPOST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUEUNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue reportIdentify events & their impact -qualify? if Refused - get legal advice If refused - resign or EGM
    35. 35. AUDITOR RESPONSIBILITYPOST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUEUNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue reportIdentify events & their impact -qualify? if Refused - get legal advice If refused - resign or EGM
    36. 36. AUDITOR RESPONSIBILITYPOST SFP EVENTS ACTIVE PASSIVE AFTER ISSUE FROM REPORT DATE TO ISSUEUNTIL REPORT DATE New report with emphasis of matter paragraph Amend and re-issue reportIdentify events & their impact -qualify? if Refused - get legal advice If refused - resign or EGM
    37. 37. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINALENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
    38. 38. GOING CONCERN (IAS 570) Auditor assess Management assumptions made Review Management Responsibility future plans & get to assess representations Examinerefinancing needs Post SFP Events Any litigation? Can fulfill orders?
    39. 39. RISK INDICATORS
    40. 40. RISK INDICATORS Costs increasing Supply shortages Failing industry High gearing Directors loans Loss of key staff or customers
    41. 41. Foreseeable FutureSame as Management at least 12m
    42. 42. IF not GOING CONCERNRe-state IfAccounts RefusedBreak up basis Adverse Audit Opinion
    43. 43. IF not GOING CONCERN Significant Doubt Disclose Emphasis of Matter
    44. 44. Completion SUMMARY INITIAL COMPARATIVE OTHER POST SFP GOING FINALENGAGEMENTS INFORMATION INFORMATION EVENTS CONCERN PROCEDURES
    45. 45. Final REVIEW
    46. 46. Final REVIEWDETAILED REVIEW SENIOR REVIEWS JUNIOR QUALITY CONTROL
    47. 47. Final REVIEWDETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES?
    48. 48. Final REVIEWDETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES? PARTNER REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
    49. 49. Final REVIEW DETAILED REVIEW MANAGER SENIOR REVIEWS REVIEW JUNIOR OVERVIEW QUALITY CONTROL GAPS? FILE CONDITION KEY ISSUES?OTHERS PARTNERHOT & COLD REVIEW TOP LEVEL FINAL OPINION ANY LAST ISSUES
    50. 50. Final REVIEW DETAILED REVIEWWHY BOTHER?ACCORDING TO PLAN? FLEXIBLE PLAN? WORK DONE? MANAGERSUFFICIENT 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
    51. 51. LAST PROCEDURES
    52. 52. LAST PROCEDURESANALYTICAL REVIEW FOR T&FALL BALANCES SUBSTANTIATEDCHECKLIST FOR DISCLOSURESCHECKLIST FOR ACCOUNTING POLICIES

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