ACCT 475 Lecture Notes - Lecture 25: Audit Evidence, Bilocation, Costs In English Law
16 Jan 2018
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Chapter 12: completing and reporting on the audit. Auditor finalizes any open items before issuing audit report. Any remaining audit procedures are assigned, due date set for completion. Audit partner determines if procedures executed as planned and all relevant matters have been considered appropriately: fieldwork phase at the (cid:272)lie(cid:374)t(cid:859)s p(cid:396)e(cid:373)ises. If modifications needed, then must document why and who made the changes. Audit team discusses progress throughout engagement, modifies planned procedures to reflect changes to original risk assessments. When misstatements or control deviations found in planned procedures, consider: reason for the misstatement or deviation. Impact on risk assessments and other planned procedures: need to modify or perform further audit procedures, need to revise materiality level due to: New information, e. g. , client obtained new loan with more restrictive covenants. Cha(cid:374)ge i(cid:374) audito(cid:396)(cid:859)s understanding of the entity and its operations. Going concern assumption underpins accounting on the basis that the entity will remain in business for the foreseeable future.
