MGAD10H3 Chapter Notes - Chapter 12: Bilocation, Financial Statement, Going Concern

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The final step in the audit process is to evaluate the conclusions drawn from the audit evidence obtained and to prepare an appropriately worded audit report. A management representation letter is obtained from the client and appropriate communication with those charged with governance is prepared. Auditor finalizes any open items before issuing the audit report: determining if any remaining procedures are to be completed, remaining audit procedures are assigned to team members with dude dates for completion of the open items. Includes determining if audit team has properly completed and executed the audit procedures that were planned and all relevant matters have been appropriately considered. The following areas are covered during the wrap-up: review the audit file to ensure that the planned audit procedures were executed properly and completely. File is reviewed in detail by manager and high risk areas are reviewed by partner.

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