Other deficiencies that havent been communicated by others but are worthy of

Other deficiencies that havent been communicated by

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Other deficiencies that haven’t been communicated by others but are worthy of management’s attention ISA 450 Misstatements Communicate with management : All misstatements accumulated Request that they be corrected For those they refuse to correct, understand why and take that into account when evaluating whether the financial statements as a whole are free from material misstatement. Communicate with TCWG: Uncorrected misstatements – the effect they may have on the auditor’s opinion – request that they are corrected Effect of uncorrected misstatements related to the prior period on the financial statements Request a written representation from management / TCWG that they believe the uncorrected misstatements are immaterial (individually and in aggregate) In addition refer to ISA 260 (Revised for specific requirements in ISQC 1 and other ISA’s that refer to communications with TCWG.
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Quick Reference Guide 15.1 Auditor’s opinions Audit & Assurance Chartered Accountants Program Page 1 of 1 Quick reference guide 15.1 – Auditor’s opinions Continues over page... Has the auditor identified any issues during the audit that are material and/or pervasive and will affect the reader’s understanding of the financial and/or non-financial information? Auditor expresses an unmodified opinion* Auditor expresses an unmodified opinion* Limitation of Scope Auditor has not obtained sufficient appropriate audit evidence Misstatement Auditor concludes that there is a misstatement in the financial / non-financial information Limitation is pervasive in understanding the financial and/or non-financial information Limitation is material in understanding the financial and/or non-financial information Misstatement is material in understanding the financial and/or non-financial information Misstatement is pervasive in understanding the financial and/or non-financial information Disclaimer of opinion* Adverse opinion* Qualified opinion* NO YES Auditor determines the appropriate opinion depending on how material or pervasive the issues are to the reader’s understanding of the financial and non-financial information
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Quick Reference Guide 15.1 Auditor’s opinions (cont.) Audit & Assurance Chartered Accountants Program Page 2 of 1 Quick reference guide 15.1 – Auditor’s opinions Has the auditor identified any matters that, although appropriately presented or disclosed in the financial and/or non-financial information, are of such importance that they are fundamental to the reader’s understanding of the financial and/or non-financial information? No Emphasis of Matter paragraph Include Emphasis of Matter paragraph** Has the auditor identified any other matter that is, in the auditor’s judgement, relevant to the reader’s understanding of the financial and/or non-financial information but not appropriately presented or disclosed?
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