Audit of related services p7

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Audit of related services p7

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  • Audit of related services p7

    1. 1. TheauditOfRelated Services The story of NOT doing an audit... GO
    2. 2. High Level of AssuranceReasonableAssurance Process
    3. 3. High Level of AssuranceReasonableAssurance Process Gather sufficient Evidence
    4. 4. High Level of AssuranceReasonableAssurance Process Gather sufficient Evidence Agrees to any criteria set
    5. 5. High Level of AssuranceReasonableAssurance Process Gather sufficient Evidence Agrees to any criteria set So Positive Assurance report
    6. 6. High Level of AssuranceReasonableAssurance I T UD A AN Process Gather sufficient Evidence Agrees to any criteria set So Positive Assurance report
    7. 7. Moderate Level of AssuranceLimitedAssurance Process
    8. 8. Moderate Level of AssuranceLimitedAssurance Process Gather sufficient Evidence
    9. 9. Moderate Level of AssuranceLimitedAssurance Process Gather sufficient Evidence Plausible content
    10. 10. Moderate Level of AssuranceLimitedAssurance Process Gather sufficient Evidence Plausible content So Negative Assurance report
    11. 11. 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
    12. 12. TypesReview Engagement Agreed Procedures Compilation Agreements
    13. 13. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs
    14. 14. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEsSupportBank Loan
    15. 15. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEsSupportBank LoanLimitedAssurance
    16. 16. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupportBank LoanLimitedAssurance
    17. 17. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupport Verify BalancesBank LoanLimitedAssurance
    18. 18. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupport Verify BalancesBank LoanLimited Report on ResultsAssurance
    19. 19. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEsSupport Verify BalancesBank LoanLimited Report on ResultsAssurance No Assurance
    20. 20. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify BalancesBank LoanLimited Report on ResultsAssurance No Assurance
    21. 21. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify Balances Compile accountsBank LoanLimited Report on ResultsAssurance No Assurance
    22. 22. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify Balances Compile accountsBank Loan No testingLimited Report on ResultsAssurance No Assurance
    23. 23. TypesReview Engagement Agreed Procedures Compilation AgreementsSMEs SMEs SMEsSupport Verify Balances Compile accountsBank Loan No testingLimited Report on ResultsAssurance No Assurance No Assurance
    24. 24. 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)
    25. 25. Agreed ProceduresClear Terms Report
    26. 26. Agreed ProceduresClear Terms ReportScope
    27. 27. Agreed ProceduresClear Terms ReportScopePurposeLimitations
    28. 28. Agreed ProceduresClear Terms ReportScopePurposeLimitationsFormat
    29. 29. Agreed ProceduresClear Terms ReportScope FactsPurposeLimitationsFormat
    30. 30. Agreed ProceduresClear Terms ReportScope FactsPurpose Verify BalancesLimitationsFormat
    31. 31. Agreed ProceduresClear Terms ReportScope FactsPurpose Verify BalancesLimitationsFormat No Assurance
    32. 32. Agreed ProceduresClear Terms ReportScope FactsPurpose Verify BalancesLimitationsFormat No Assurance User conclusions
    33. 33. Compilation AgreementPrinciples Report
    34. 34. Compilation AgreementPrinciples ReportCompile FS
    35. 35. Compilation AgreementPrinciples ReportCompile FSClear terms
    36. 36. Compilation AgreementPrinciples ReportCompile FSClear termsGet kn.o.b
    37. 37. Compilation AgreementPrinciples ReportCompile FSClear termsGet kn.o.bKnow formats
    38. 38. Compilation AgreementPrinciples ReportCompile FSClear terms No AssuranceGet kn.o.bKnow formats
    39. 39. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? Report
    40. 40. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs
    41. 41. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEsSupportBank Loan
    42. 42. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEsSupportBank LoanModerateAssurance
    43. 43. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupportBank LoanModerateAssurance
    44. 44. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank LoanModerateAssurance
    45. 45. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOBModerateAssurance
    46. 46. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOB ScepticalModerateAssurance
    47. 47. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOB ScepticalModerate EvidenceAssurance
    48. 48. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs EngagementSupport LetterBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
    49. 49. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement SubstantiveSupport LetterBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
    50. 50. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement SubstantiveSupport Letter Look for moreBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
    51. 51. Review Engagemnt SuspectReview Engagement Plan & Procedures Misstatement? ReportSMEs Engagement Substantive NegativeSupport Letter Look for more AssuranceBank Loan KOB ScepticalModerate EvidenceAssurance Enquire Mgt
    52. 52. 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
    53. 53. 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
    54. 54. 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
    55. 55. Examples ofReviewEngagement
    56. 56. 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
    57. 57. 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
    58. 58. 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
    59. 59. 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
    60. 60. 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
    61. 61. 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
    62. 62. 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
    63. 63. 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
    64. 64. 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

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