Final Review of the Financial Statements

The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates in. The next level was the gathering of audit evidence about individual items and groups of items which together form the accounts. We then find that the auditor is in a position of knowing that he has enough evidence to substantiate the detail of such accounts. He then requires forming an opinion as to where the accounts as a entire contain specific qualities and whenever a final review is carried out.

This is a level of the audit carried out through senior members of the audit team via the financial statements. This is supplementary to the analytical review procedures carried out as part of substantive tests. The purposes of this review are:

i. To give audit evidence through determining whether the financial statements give information that is internally consistent along with other information in the possession of the auditor or

ii. To determine if the financial statements have been prepared also via acceptable accounting policies, they comply along with IFRS and other requirements and such there is adequate disclosure of all relevant matters.