Final review of the financial statements, Auditing

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.

Posted Date: 1/28/2013 1:53:06 AM | Location : United States







Related Discussions:- Final review of the financial statements, Assignment Help, Ask Question on Final review of the financial statements, Get Answer, Expert's Help, Final review of the financial statements Discussions

Write discussion on Final review of the financial statements
Your posts are moderated
Related Questions
Counter - Indications That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a goi

Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou

Records kept by AUDITOR of procedures applied, tests performed, the information obtained and pertinent conclusions reached in the course of the AUDIT. (2) Any records developed by

Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition.  Thi

Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts

Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa

Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move

Please assist me with this internet research, Search the internet (e.g. a company's website or sec.gov and find an audit report for a company's audit of internal control over fi

Explain the independence between the auditor and the client on financial statement audit engagements

Using the 30 September 2011 trial balance (appendix to this case study) calculate planning materiality and include the justification for the basis that you have used for your calcu