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Transcript

  • 1. CHAPTER 22 COMPLETING THE AUDIT
  • 2. CONTINGENT LIABILITIES
    • CONTINGENT LIABILITIES
      • LIKELIHOOD OF OCCURRENCE
      • MEASUREMENT
      • EXAMPLES
    • AUDIT PROCEDURES
        • INQUIRE OF MANAGEMENT
        • REVIEW TAX RETURNS
        • REVIEW MINUTES
        • ANALYZE LEGAL EXPENSE
        • LEGAL REP LETTER
  • 3.
    • INQUIRY OF ATTORNEYS
      • CORROBORATION OF MANAGEMENT REPRESENTATIONS
        • LIST OF MATERIAL PENDING LITIGATION
        • LIST OF MATERIAL UNASSERTED CLAIMS
        • REQUEST THAT ATTORNEY COMMENT ON PROGRESS OR LIKELY OUTCOME
        • REQUEST FOR UNLISTED LITIGATION
        • STATEMENT BY CLIENT RE ATTORNEY RESPONSIBILITY TO NOTIFY MANAGEMENT OF LITIGATION REQUIRING DISCLOSURE
        • LIMITATIONS IN RESPONSE
      • LIMITED OR NONRESPONSE
  • 4.
    • REVIEW FOR SUBSEQUENT EVENTS
      • DEFINITION OF SUBSEQUENT EVENTS
      • TYPES OF SUBSEQUENT EVENTS
        • TYPE 1 – DIRECT EFFECT ON FINANCIAL STATEMENTS AND REQUIRE ADJUSTMENT
          • ADDITIONAL KNOWLEDGE ABOUT EVENT EXISTING AT BALANCE SHEET DATE
            • SETTLEMENT OF LAWSUIT
            • COLLECTION OF RECEIVABLES
        • TYPE 2 – NO DIRECT EFFECT BUT ADVISE DISCLOSURE
          • EVENTS OCCURRING AFTER BALANCE SHEET DATE THAT HAVE MATERIAL EFFECT ON CLIENT
            • MERGER
            • NATURAL DISASTER
            • DEBT RESTRUCTURE
  • 5.
      • AUDIT TESTS
        • INQUIRE OF MANAGEMENT
        • CORRESPOND WITH ATTORNEYS
        • REVIEW SUBSEQUENT INFORMATION
          • REVIEW INTERNAL STATEMENTS
          • REVIEW RECORDS
        • REVIEW MINUTES
        • REPRESENTATION LETTER
      • DUAL DATING AUDIT REPORT
  • 6.
    • FINAL EVIDENCE GATHERED
      • ANALYTICAL REVIEW
      • EVALUATE GOING CONCERN
      • CLIENT REPRESENTATION LETTER
    • EVALUATE RESULTS
      • SUFFICIENCY OF EVIDENCE
      • EVIDENCE SUPPORTS OPINION
      • WORKING PAPER REVIEW
      • INDEPENDENT REVIEW
  • 7.
    • COMMUNICATIONS WITH CLIENT
      • FRAUD AND ILLEGAL ACTS
      • REPORTABLE CONDITIONS
      • OTHER COMMUNICATIONS WITH AUDIT COMMITTEE
        • AUDITOR’S RESPONSIBILITIES UNDER GAAS
        • SIGNIFICANT ACCOUNTING POLICIES
        • SIGNIFICANT ADJUSTMENTS MADE
        • DISAGREEMENTS WITH MANAGEMENT
        • DIFFICULTIES ENCOUNTERED
      • MANAGEMENT LETTER
    • SUBSEQUENT DISCOVERY OF FACTS