ACCTING 3502 Final: Auditing III Exam Revision Notes
30 Jul 2015
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Document Summary
Majors steps in the audit process: accept the client, understand the entity and its environment, understand internal control, assess the risks of material misstatement, develop responses to assessed risks, tests of controls, substantive procedures, completion and review, reporting. Of the financial statements & working papers by someone not involved directly in the audit to ensure: sufficient appropriate evidence collected, conclusions reached on bases of unique circumstances of the engagement. S. 295 the fr consists of: a) financial statements: balance sheet, income statement, statement of changes in equity and cash flow statement b) notes to the accounts c) director"s declaration: compliance with accounting standards, t&f view, compliance with corp. act, solvent. S. 308 duty to report to members: a) fr in accordance with corp. act including s296 and s297 b) if not why not? c) where fr does not comply, (to extent possible) quantify the extent d) any defects or irregularities e) deficiencies, etc. concerning info/explanations f) date of the audit report.
