ACT 3900 Lecture Notes - Lecture 6: Costs In English Law, Quick Ratio, Static Web Page

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25 Oct 2017

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in conducting an initial audit engagement, the objective of the auditor with respect to opening balances
is to obtain sufficient appropriate audit evidence about whether:
(a) Opening balances contain misstatements that materially affect the current period's financial
statements; and
(b) Appropriate accounting policies reflected in the opening balances have been consistently applied in
the current period's financial statements, or changes thereto are appropriately accounted for and
adequately presented and disclosed in accordance with the applicable financial reporting framework.
Attend the Physical Count
• Ealuate aageet's istutios fo eodig / otollig out esults;
• Osee pefoae of aagement's count procedures;
• Ispet the ieto ad pefo test outs;
• Reoile hages i ieto etee the out date ad peiod ed; ad
• Pefo alteatie poedues if a phsial out is ipatiale.
Confirm / Inspect Inventory Held by Others
• Reuest ofiatios as to uatities / oditio of ieto held; ad
• Pefo ispetio o othe appopiate audit poedues.
Need for an Auditor's Expert?
• Speialized ieto outes;
• Valuatios of assets, suh as land and buildings, plant and machinery, works of art, precious stones,
inventory, and complex financial instruments;
• Deteiatio of uatities o phsial oditio of assets, suh as ieals stoed i stokpiles,
underground mineral and petroleum reserves, and the remaining useful life of plant and machinery;
• Deteiatio of aouts usig speialized tehiues o ethods, suh as atuaial aluatio;
• The aalsis of ople o uusual ta opliae issues;
• The easueet of ok opleted and work to be completed on contracts in progress; and
• Legal opiios oeig itepetatios of ageeets, statutes ad egulatios.
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