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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 orii. 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.
Sufficiency of audit evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measurement of the quantity
auditor is a watch dog not a blood hound
Examine consignment agreement s and contracts
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Audit Reports - Going Concern In the vast widely of cases, the going to relate assumption is suitable and whether applied no mention require be made in the auditor's report.
As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the
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