George Mariyajohnson
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Highers (Audit & Assurance) Accounting and Finance (Year 2) Test sobre Lecture 7- Subsequent events & letter of representation, creado por George Mariyajohnson el 04/03/2021.

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George Mariyajohnson
Creado por George Mariyajohnson hace más de 3 años
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Lecture 7- Subsequent events & letter of representation

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It is important to remember work that takes place at of audit process. & work is where auditors link work they do as part of their , assessment & initial . Then look at transactional that happen where gap needs to be between when initial was done & what is being done at end

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One process that interim examinations would include is looking at on & systems

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Another process that interim examinations would include is of year to date

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Third process that interim examinations would include is tests on year to date items

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Near or at balance sheet date need to reperform of financial statements, do work for period between examination & date, send out confirmation letters & send out confirmation letters

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Typical audit work at year-end include chasing letters, chasing & circularisation (kind of confirmation), chase letters to other (could be from , , ), plan observation, make sure there is enough tests of balance sheets & period of year for P&L & finally gather evidence on (cause disagreement) items

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One thing that determine before end of audit is whether have been prepared using & accounting principles

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Another thing that determine before end of audit is whether published with is compatible with them

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Third thing that determine before end of audit is whether & are as required by law & by regulatory bodies & achieve &

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Fourth thing that determine before end of audit is whether drawn from tests & overall of financial statements enable an to be formed

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Subsequent events are events & , that occur between date & date when are authorised for issue

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One type of subsequent event can be identified is those that provide of conditions that existed at date ( events). Another is those that are of conditions that arose after date ( events). has to consider whether any events after date financial statements are (up to & beyond date of annual general meeting)

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One audit work that can be carried out to detect subsequent events is e.g. department provides to chief financial officer

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Another audit work that can be carried out to detect subsequent events is e.g. board , committees & committees

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Third audit work that can be carried out to detect subsequent events is &

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Fourth audit work that can be carried out to detect subsequent events is look at & forecasts for period to see performance

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Fifth audit work that can be carried out to detect subsequent events is have formal of department & used

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Sixth audit work that can be carried out to detect subsequent events is focus on & for type of industry being . Make sure known risk areas are clearly & have been

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Seventh audit work that can be carried out to detect subsequent events is look at & with & to ensure they are suitable

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Eighth audit work that can be carried out to detect subsequent events is clear from

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Ninth audit work that can be carried out to detect subsequent events is in domain e.g. in trade press

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Tenth audit work that can be carried out to detect subsequent events is have detailed & have management on areas, new & significant movements (if they have or new ). Also, discussion on status (significant losses of )

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Auditor should already be of significant matters of judgement. They should know how to make some when these issues occur

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One auditor objective under ISA580 is to obtain representations from … that they believe that they have fulfilled their for preparation of financial statements & for of information … to auditor

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Another auditor objective under ISA580 is to other audit evidence relevant to or specific in financial statements … if determined necessary by auditor

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Third auditor objective under ISA580 is to appropriately to representations provided by … , or … if do not provide representations requested by auditor

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Written representations are provided by & (suggested by ISA 580). But depending on business they may also include other who have specialised knowledge such as , &

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One representation that is required is of financial statements in accordance with framework (so with appropriate & )

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Another representation that is required is all has been provided & all have been correctly

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Third representation that is required is confirm additional representations about e.g. of accounting policies & whether matters have been accounted for given future plans

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Fourth representation that is required is representations about specific e.g. from company geologists on whether oil reserves can be extracted

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Fifth representation that is required is of managements for controls

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Sixth representation in management representation letter is that they believe that effects of misstatements are

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Date that letter of representation should bear is date accounts are signed by & date accounts are signed by (similar date)

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