Chapter 24 - Completion + Professional Judgment

N audit tests include n inquiry n review of documents

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Unformatted text preview: n Audit Tests Include: n Inquiry n Review of Documents n Observation n Confirmation + Review for Subsequent Events n Subsequent Events – transactions or events after the balance sheet date that may affect the fair presentation or disclosure of the current period statements. n Type 1 n Type 2 n Audit Tests Include: n Review Records Subsequent to Balance Sheet Date n Review Internal Statements Subsequent to Balance Sheet Date n Examine Board Minutes n Correspond with Attorneys n Inquire of Management + Final Evidence Accumulation n Final Analytical Procedures 1. Understand all the changes from PY 2. Balances are consistent with our audit evidence n Evaluate Going Concern Opinion – ability to continue at least one year beyond the balance sheet date n Obtain Management Representation Letter n Consider Supplementary Information n Read Other Information in the Annual Report + Evaluate Results n Sufficient, Appropriate Audit Evidence n Audit Checklist n Evidence Supports Audit Opinion n Summary of Misstatements (adjusted/unadjusted) n Financial Statement Disclosure Checklist n Audit Documentation Review (senior, manager, partner) n Quality Review Partner + Issue the Audit Report n No material problems: unqualified n Material deviations from GAAP: n Not pervasive - qualified n Pervasive - adverse n Material scope limitations: n Not pervasive - qualified n Pervasive - disclaimer n Independence Violations? + Communicate Results to the Audit Committee & Management n Report to 2 parties/groups: n To the "owners" or the party who hired the auditor....
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n Audit Tests Include n Inquiry n Review of Documents n...

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