ACC 821 Lecture Notes - Lecture 10: Wok, External Auditor, Audit Evidence

• School: Ryerson University
• Department: Accounting
• Course: ACC 821
• Professor: Larry Yarmolinsky

Document Summary

Cas600: sub auditor can you relay on it. Cas 10 external auditor rely on internal auditor to do their work. Additional accounting issues for group audit: in parent"s accounts, in group accounts. Segmental reporting: subsidiary maybe an operating segment requiring separate disclosure. Consolidation adjustments of elimination of intercompany balances, provisions for unrealized profits and dividends: ifrs; eliminate interest (sub parents) Practical matters & additional accounting issues for group audit (2-6: 1. Different year ends and accounting policies group company does not share the same year-end as the parent company. We confirm that it is our intention to continue financing the company for at least 1 year from the date of this letter . We have evidence against them: 3. Different currency and different language required translations before consolidation. Prepared under different accounting standards so will have to reconfigured into the group presentational standard before consolidation an oversea sub is also likely to be audited by other auditors: 6.