Audit ch15 slides

Audit ch15 slides - Chapter 15 Completing the Audit Wrap-up...

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Chapter 15 Completing the Audit
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Slide 2 Wrap-up Major revenue & expense will have been audited with related B/S accounts Cross-referenced trial balance Other revenue & expenses Analytical procedures – which ones? Enquiry Other audit procedures Accounts that need special attention
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Slide 3 Overall Analytical Procedures Analytical procedures can be used at all points of the audit. – Techniques include: • ratio analysis, • comparison to prior years, and • comparison to budgets. – Explanations for fluctuations are subject to audit.
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Slide 4 Unusual Transactions Audit evidence and reporting problems can arise where management has created complicated transactions to manufacture earnings artificially. Back to basics Analyze what is really going on
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A Sequence of Audit Events Interim audit work period (before year end): – Auditor evaluates internal control. – Auditor may begin work on testing controls. – Auditor can apply substantive procedures as at an interim date. Year-end work: – Complete the work on testing controls. – Complete work on audit of balances.
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Audit ch15 slides - Chapter 15 Completing the Audit Wrap-up...

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