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Presentation 4 - Audit Completion

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Presentation 4 - Audit Completion

  1. 1. Prepared by Marzanur Rahman Audit completion
  2. 2. Final Analytical Review  Comparison of result of current year with • information for prior periods; • those anticipated in budgets or forecasts; • other companies of comparable size in the same industry, and • overall industry or sector statistics
  3. 3. Final Analytical Review  Consider relationships between • Actual and expectation or predicted financial information • Financial and non-financial information Consider the reliability of the information used to perform analytical review procedures Make a final assessment of the reasonableness of the company's accounting estimates Consider whether the accounting estimates are consistent with other audit evidence obtained
  4. 4. Review for Contingent Liabilities  Materiality of Transaction  Probability of Occurrence  Journal Entries for Probable Events  Undisclosed Liabilities  Accounting for Subsequent Events
  5. 5. Review for Subsequent Event  Adjusting event An event after the reporting period that provides further evidence of conditions that existed at the end of the reporting period, including an event that indicates that the going concern assumption in relation to the whole or part of the enterprise is not appropriate.  Non-adjusting event An event after the reporting period that is indicative of a condition that arose after the end of the reporting period.
  6. 6. Review for Subsequent Event  Points under consideration • Review the basis of estimation and re-calculation • Management explanation • Effect on financial statement • Review the evidence • Obtain Management representation
  7. 7. Critical Review of Accounts Questionnaire A final critical review of the accounts should be performed support the conclusions drawn from other audit work or else indicate areas in need of further enquiry.
  8. 8. Audit Standards Review Questionnaire This should be the final form to be completed before the initial partner completion. The purpose of the form is to ensure compliance with the Bangladesh Standards on Auditing (BSA). It can be a useful aid when completing a review of the file.
  9. 9. Audit Standards Review Questionnaire Standard under review  ICAB code of conduct and IFAC code of Ethic has been followed before taking the audit – BAS 200  Complicacy arises during the audit - BAS 210  Quality control procedure of audit to client – BAS 220  Documentation to form the opinion- BAS 230  Activity has been performed to keep audit risk low – BAS 240  Review the compliance of rules & regulation – BAS 250  Effect of unadjusted error – BAS 260  Documentation of audit file – BAS 315
  10. 10. Audit Standards Review Questionnaire  Review of audit materiality – BAS 320  Risk assessment review – BAS 330  Audit evidence regarding presentation and disclosure – BAS 501  Alternative procedure of audit – BAS 505  Consideration of previous audit – BAS 510  Evidence of analytical review – BAS 520  Appropriateness of audit Samplings – BAS 530  Reasonableness of accounting estimate – BAS 540  Disclosure regarding related party – BAS 550  Review of post balance sheet transaction - BAS 560
  11. 11. Audit Standards Review Questionnaire  Test of going concern basis – BAS 570  Adequacy of management representation – BAS 580  Use the work of other auditor – BAS 600  Adequate consideration has given to observe operational control of entity - BAS 610  Consistence of audit evidence with opinion – BAS 700  Unaudited corresponding figure – BAS 710  Other information related to financial statement BAS -720
  12. 12. Partner Completion – Initial The final partner completion should be completed when the client has returned the signed accounts. It provides a checklist to ensure all necessary procedures have been undertaken before the audit report is signed.
  13. 13. Partner Completion – Final The final partner completion should be completed when the client has returned the signed accounts. It provides a checklist to ensure all necessary procedures have been undertaken before the audit report is signed.
  14. 14. File Completion Questionnaire Pre-Partner Review A senior member of staff on the audit should complete the completion questionnaires. The first section (B3.1) should be completed before the initial partner review. The second section (B3.2) should be completed before the partner authorizes the issue of accounts to the client for approval.
  15. 15. Accumulation of Evidence and Evaluate Result The objective of the auditor is to evaluate the results of the audit to determine whether the audit evidence obtained is sufficient and appropriate to support the opinion to be expressed in the auditor's report.
  16. 16. Issuing Audit Report & Communication with Management Issue audit report and communicate those charged with the governance
  17. 17. Thank You For you Patience

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