COMPLETION   OF AN AUDIT
Completion                                  SUMMARY INITIAL      COMPARATIVE      OTHER        POST SFP   GOING      FINAL...
ISA 510INITIAL ENGAGEMENTS
ISA 510                            INITIAL ENGAGEMENTS  OPENING BALSNO MATERIAL MIS-STATEMENT
ISA 510                            INITIAL ENGAGEMENTS  OPENING BALS              LAST YEAR’SNO MATERIAL MIS-STATEMENT   F...
ISA 510                            INITIAL ENGAGEMENTS  OPENING BALS              LAST YEAR’S              POLICIESNO MATE...
ISA 510INITIAL ENGAGEMENTS
ISA 510                  INITIAL ENGAGEMENTSLAST YEAR AUDIT    QUALIFIED?
ISA 510                  INITIAL ENGAGEMENTSLAST YEAR AUDIT   ADJUSTMENTS    QUALIFIED?     IN LEDGERS TOO?
ISA 510                  INITIAL ENGAGEMENTSLAST YEAR AUDIT   ADJUSTMENTS                 NO AUDIT?    QUALIFIED?     IN L...
Completion                                  SUMMARY INITIAL      COMPARATIVE      OTHER        POST SFP   GOING      FINAL...
COMPARATIVES (ISA 710)
COMPARATIVES (ISA 710) COMPLYWITH FR FRAMEWORK (NOERRORS)
COMPARATIVES (ISA 710)       COMPLY      WITH FR FRAMEWORK (NO      ERRORS) PRIOR PERIOD ADJCHECK RESTATEDEMPHASIS OF MATT...
COMPARATIVES (ISA 710)       COMPLY                                           CONSISTENT                                  ...
Completion                                  SUMMARY INITIAL      COMPARATIVE      OTHER        POST SFP   GOING      FINAL...
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   ...
OTHER INFO (ISA 720)     EXAMPLES      CHAIRMANS            IDENTIFY       REPORT              INCONSISTENCY     5 YR SUMM...
OTHER INFO (ISA 720)                            EXAMPLES                             CHAIRMANS            IDENTIFY        ...
OTHER INFO (ISA 720)                              EXAMPLESNOT HAPPY?RESIGN / REFUSE TO     REPORT                         ...
Completion                                  SUMMARY INITIAL      COMPARATIVE      OTHER        POST SFP   GOING      FINAL...
ADJUSTINGanything which tells us more about the condition at the year                            end
ADJUSTINGDAMAGED STOCK   anything which tells us more about the condition at the year                               end
ADJUSTING       DAMAGED STOCKTAX LIABILITY           anything which tells us more about the condition at the year         ...
ADJUSTING       DAMAGED STOCK                                                 DOUBTFUL DEBTSTAX LIABILITY           anythi...
ADJUSTING       DAMAGED STOCK                                                 DOUBTFUL DEBTSTAX LIABILITY                 ...
NON-ADJUSTINGmaterial but arose after year end.. just disclose
NON-ADJUSTINGISSUE OF SHARES           material but arose after year end.. just disclose
NON-ADJUSTINGISSUE OF SHARES                                                FIRES, FLOODS           material but arose aft...
POST SFP EVENTS - proceduresManagement Procedures       how do they identify them?                       Review Board minu...
AUDITOR RESPONSIBILITYPOST SFP EVENTS      ACTIVE                             PASSIVE                      AFTER ISSUE    ...
AUDITOR RESPONSIBILITYPOST SFP EVENTS      ACTIVE                             PASSIVE                      AFTER ISSUE    ...
AUDITOR RESPONSIBILITYPOST SFP EVENTS      ACTIVE                             PASSIVE                      AFTER ISSUE    ...
AUDITOR RESPONSIBILITYPOST SFP EVENTS      ACTIVE                             PASSIVE                      AFTER ISSUE    ...
Completion                                  SUMMARY INITIAL      COMPARATIVE      OTHER        POST SFP   GOING      FINAL...
GOING CONCERN (IAS 570)                             Auditor assess    Management             assumptions made         Revi...
RISK INDICATORS
RISK INDICATORS       Costs increasing       Supply shortages        Failing industry         High gearing        Director...
Foreseeable FutureSame as Management    at least 12m
IF not GOING CONCERNRe-state                                   IfAccounts                                RefusedBreak up b...
IF not GOING CONCERN    Significant      Doubt         Disclose     Emphasis of Matter
Completion                                  SUMMARY INITIAL      COMPARATIVE      OTHER        POST SFP   GOING      FINAL...
Final REVIEW
Final REVIEWDETAILED REVIEW   SENIOR REVIEWS       JUNIOR  QUALITY CONTROL
Final REVIEWDETAILED REVIEW                    MANAGER   SENIOR REVIEWS      REVIEW       JUNIOR                        OV...
Final REVIEWDETAILED REVIEW                      MANAGER   SENIOR REVIEWS         REVIEW       JUNIOR                     ...
Final REVIEW             DETAILED REVIEW                                   MANAGER                SENIOR REVIEWS         R...
Final REVIEW                       DETAILED REVIEWWHY BOTHER?ACCORDING TO PLAN?   FLEXIBLE PLAN?    WORK DONE?            ...
LAST PROCEDURES
LAST PROCEDURESANALYTICAL REVIEW FOR T&FALL BALANCES SUBSTANTIATEDCHECKLIST FOR DISCLOSURESCHECKLIST FOR ACCOUNTING POLICIES
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Audit p7 completion

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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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