Chapter 11 - Chapter 11 Completing the Audit It aint over...

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Unformatted text preview: Chapter 11 Completing the Audit It aint over till its over. Yogi Berra, former catcher for the New York Yankees Learning Objectives 1. Describe the approach used to examine major revenue and expense accounts. 2. Identify procedures performed by auditors to evaluate contingencies, including the use of an attorney letter, during the completion of the audit. 3. Explain why auditors obtain management representations and identify the key components of management representations. 11-2 Learning Objectives (Continued) 1. Identify the two major categories of subsequent events and describe the proper handling of these events by auditors. 2. Identify the final steps in the completion of an audit. 3. Following the audit report release date, identify auditors responsibilities for (1) facts that may have existed at the date of the auditors reports and (2) omitted audit procedures. 4. Summarize important communications made by auditors following completion of the audit and audit report release date. 11-3 Considerations in Completing the Audit Roll-forward work Revenue and expense accounts Attorney letters Management representations Going-concern assessment Adjusting entries Subsequent events Audit documentation review Subsequent discovery of facts Omitted audit procedures Management letter Communications with those charged with governance 11-4 Major Activities in Audit Beginning End of Audit completion Audit report of year year date release date Interim testing Roll-forward work Subsequent events Subsequent discovery of facts (tests of controls Revenue and expenses (dual-dating) Omitted audit procedures and substantive Attorney letters Management letter procedures) Management representations Communications with those Going-concern assessment charged with governance Adjusting entries Subsequent events Audit documentation review 11-5 Activities Between End of Year and Audit Completion Date Revenue and expense accounts Attorney letters Management representations Subsequent events Audit documentation review 11-6 Revenue and Expense Accounts Substantive procedures for related balance sheet accounts Analytical procedures Scan accounts for large and unusual entries Be aware of miscellaneous, other, and clearing accounts earnings management 11-7 Activities Between End of Year and...
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This note was uploaded on 02/05/2011 for the course ACCT 461 taught by Professor Staff during the Spring '08 term at George Mason.

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Chapter 11 - Chapter 11 Completing the Audit It aint over...

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