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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