Standard board procedures they DONT have such and such Standard corporate

Standard board procedures they dont have such and

This preview shows page 1 - 2 out of 2 pages.

• Do not waste time on things that are not interesting. • Standard board procedures – they DON’T have such and such • Standard corporate regulation. Question Two • Remember the auditor’s focus is on the financial year under audit and the next financial year. • Do not discuss SWOT items that are going to happen too far in the future. • Back up what you say with evidence. • Don’t waffle – back up with facts and figures • Make sure that your SWOT items are all different. • Make sure that there is some link between each items and potential misstatement of the financial report. Question Three • Key Audit Matters (KAMs) • Those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial report of the current period. Key audit matters are selected from matters communicated with those charged with governance. • ASA 701.8 Question Three • KAMs
Image of page 1
• (a) Areas of higher assessed risk of material misstatement, or significant risks identified in accordance with • (b) Significant auditor judgements relating to areas in the financial report that involved significant management judgement, including accounting estimates that have been identified as having high estimation uncertainty.
Image of page 2

You've reached the end of your free preview.

Want to read both pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors