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Audit of related services p7
 

Audit of related services p7

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Audit of related services p7

Audit of related services p7

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Audit of related services p7 Audit of related services p7 Presentation Transcript

  • TheauditOfRelated Services The story of NOT doing an audit... GO
  • High Level of AssuranceReasonableAssurance Process
  • High Level of AssuranceReasonableAssurance Process Gather sufficient Evidence
  • High Level of AssuranceReasonableAssurance Process Gather sufficient Evidence Agrees to any criteria set
  • High Level of AssuranceReasonableAssurance Process Gather sufficient Evidence Agrees to any criteria set So Positive Assurance report
  • High Level of AssuranceReasonableAssurance I T UD A AN Process Gather sufficient Evidence Agrees to any criteria set So Positive Assurance report
  • Moderate Level of AssuranceLimitedAssurance Process
  • Moderate Level of AssuranceLimitedAssurance Process Gather sufficient Evidence
  • Moderate Level of AssuranceLimitedAssurance Process Gather sufficient Evidence Plausible content
  • Moderate Level of AssuranceLimitedAssurance Process Gather sufficient Evidence Plausible content So Negative Assurance report
  • TModerate Level of Assurance ILimitedAssurance D d U te A a l ce e i s r v Process r Gather sufficient Evidence e s Plausible content So Negative Assurance report
  • TypesReview Engagement Agreed Procedures Compilation Agreements
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEsSupportBank Loan
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEsSupportBank LoanLimitedAssurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupportBank LoanLimitedAssurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupport Verify BalancesBank LoanLimitedAssurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupport Verify BalancesBank LoanLimited Report on ResultsAssurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupport Verify BalancesBank LoanLimited Report on ResultsAssurance No Assurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify BalancesBank LoanLimited Report on ResultsAssurance No Assurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify Balances Compile accountsBank LoanLimited Report on ResultsAssurance No Assurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify Balances Compile accountsBank Loan No testingLimited Report on ResultsAssurance No Assurance
  • TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify Balances Compile accountsBank Loan No testingLimited Report on ResultsAssurance No Assurance No Assurance
  • TypesReview Engagement Agreed Procedures Compilation Agreements Review accounts of those not Forensic Accounting Preparing Accounts needing an audit Interim FS review Verifying Insurance claims Preparing Tax compilations Non Financial data (eg Number of Due Diligence Preparing cashflow forecasts subscribers)
  • Agreed ProceduresClear Terms Report
  • Agreed ProceduresClear Terms ReportScope
  • Agreed ProceduresClear Terms ReportScopePurposeLimitations
  • Agreed ProceduresClear Terms ReportScopePurposeLimitationsFormat
  • Agreed ProceduresClear Terms ReportScope FactsPurposeLimitationsFormat
  • Agreed ProceduresClear Terms ReportScope FactsPurpose Verify BalancesLimitationsFormat
  • Agreed ProceduresClear Terms ReportScope FactsPurpose Verify BalancesLimitationsFormat No Assurance
  • Agreed ProceduresClear Terms ReportScope FactsPurpose Verify BalancesLimitationsFormat No Assurance User conclusions
  • Compilation AgreementPrinciples Report
  • Compilation AgreementPrinciples ReportCompile FS
  • Compilation AgreementPrinciples ReportCompile FSClear terms
  • Compilation AgreementPrinciples ReportCompile FSClear termsGet kn.o.b
  • Compilation AgreementPrinciples ReportCompile FSClear termsGet kn.o.bKnow formats
  • Compilation AgreementPrinciples ReportCompile FSClear terms No AssuranceGet kn.o.bKnow formats
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? Report
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEsSupportBank Loan
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEsSupportBank LoanModerateAssurance
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupportBank LoanModerateAssurance
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank LoanModerateAssurance
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOBModerateAssurance
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOB ScepticalModerateAssurance
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOB ScepticalModerate EvidenceAssurance
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement SubstantiveSupport LetterBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement SubstantiveSupport Letter Look for moreBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement Substantive NegativeSupport Letter Look for more AssuranceBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement Substantive NegativeSupport Letter Look for more AssuranceBank Loan KOB “We aren’t aware ScepticalModerate EvidenceAssurance Enquire Mgt
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement Substantive NegativeSupport Letter Look for more AssuranceBank Loan KOB “We aren’t aware ..material ScepticalModerate EvidenceAssurance Enquire Mgt
  • Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement Substantive NegativeSupport Letter Look for more AssuranceBank Loan KOB “We aren’t aware ..material Sceptical modifications”Moderate EvidenceAssurance Enquire Mgt
  • Examples ofReviewEngagement
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans
  • Examples ofReviewEngagementNo. Type Details Report published with accounts (negative1 Review Interim FS assurance) Verify Management representations Verify Assets & Liabilities2 Due Diligence (get kob) Identify Operational Problems Help plan acquisition Look for trends / synergies / forecasts / plans