Important points about auditor - audit process, Auditing

Important Points about Auditor - Audit Process

The Points that should be noticed that:

i. The auditor must forever date his audit report. This date should be as close as probable to the date of approval of the financial statement through the directors however must be after that date. ISA 700 needs that the date the director's approval to their accounts must be disclosed.

ii. Special condition. These are concern rare circumstances but probable:

a) Whether the auditor becomes aware among the date of his report and the AGM whenever the accounts will be presented, of information such would change his report then he have to:

1. Discuss the issue along with the directors who may desire to amend the accounts

2. Consider getting legal advice

3. Consider creating a statement at the AGM as he is allowed to through the Companies Act.

b) Whether the directors desire to amend the accounts among the date of the report and, the auditor should the posting to the members

1. Consider whether the proposed amendment needs a change in his report

2. Re date his report

3. Review post balance sheet events up to the re dating.

Posted Date: 1/28/2013 2:30:28 AM | Location : United States







Related Discussions:- Important points about auditor - audit process, Assignment Help, Ask Question on Important points about auditor - audit process, Get Answer, Expert's Help, Important points about auditor - audit process Discussions

Write discussion on Important points about auditor - audit process
Your posts are moderated
Related Questions
Examine consignment agreement s and contracts

Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls

State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.

Analyse the ratios in conjunction with the additional information and identify from your analysis, implications for the audit and any particular audit steps that need to be underta

Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C.  It is efficien

Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv

Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development.  Illustra

Case Study: You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in t

Q. Walkthroughs for auditor? Walkthroughs provide the auditor with evidence to: 1. Confirm auditor's understanding of the process flow of transactions. 2. Confirm auditor

Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen