Post balance sheet events, Auditing

Assignment Help:

Post Balance Sheet Events

Post balance sheet events occupy a very significant place in auditing and hence there is generally a program of work which is carried out in this area. This involves:

i. A routine examination of that events such as group of debts, payment of creditors, sale of stocks, resolution of pending litigation;

ii. A comparison of significant ratios previous to and after the year finish, seeking explanations for several material differences as they may show the presence of non-adjusting or adjusting events or have going to relate implications.

iii. Verification of all material provisions and contingent liabilities at the newest feasible date prior to signing of the accounts to check whether few additional evidence exists such may affect original estimates required.

iv. Review of director's minutes looking for any main new losses of customers or contract or losses of major contracts, and changes in accounting policy, capital expenditure commitments, and new borrowing or share issues, abnormal transactions or extra-ordinary, changes in market situation or products.

v. Discussions along with the management, a review of management accounts, review of cash flow projections and profit forecasts, review of non-risk areas and

vi. Review of relevant external information as reports in newspapers. His review might be as near as probable to the date of signing the audit report.


Related Discussions:- Post balance sheet events

Audit of group accounts, Audit of Group Accounts The main problems can...

Audit of Group Accounts The main problems can be split into three sections in this area as: 1. The audit of the holding company confirming and obtaining information concern

All of the following must certify that a public company''s, All of the foll...

All of the following must certify that a public company's financial statements are accurate, complete, and not misleading, except for the Chief financial officer. Director of human

Relevance of audit evidence, Relevance of Audit Evidence The relevance...

Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat

Financial institutions and banks - audit situations, Financial Institutions...

Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu

Group auditing and holding campnies, what a group auditing and holding camp...

what a group auditing and holding campanies in details with exmple propurly???

management functions and the audit, Describe the management system within ...

Describe the management system within your case study business. Assess the risk of fraud in this business, and suggest methods for detection Management system in this ca

Current audit file, Current Audit File The current audit file may invo...

Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work

Operational auditing, phases of operational auditing report sample or templ...

phases of operational auditing report sample or template of companies operational audit report

Audit procedures on investment, describe how the auditors would determine t...

describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd