PPT: Completion and Review | Auditing and Ethics for CA Intermediate PDF Download

 Page 1


Audit
Completion Stage
Page 2


Audit
Completion Stage
INTRODUCTION
• Refers to those steps which are taken
by the auditor after the routine
checking and verification of
accounting records has been
completed, in order to enable him to
wind-up his examination and report.
• Completion stage normally involves
the following activities:
Page 3


Audit
Completion Stage
INTRODUCTION
• Refers to those steps which are taken
by the auditor after the routine
checking and verification of
accounting records has been
completed, in order to enable him to
wind-up his examination and report.
• Completion stage normally involves
the following activities:
COMPLETION PROCEDURE
1. Review the Post balance sheet events
2. Financial statement review
3. Obtaining letter of representation
4. Sending letter to management
5. Forwarding points for consideration at 
subsequent audit
6. Maintaining errors and omission 
summery
Page 4


Audit
Completion Stage
INTRODUCTION
• Refers to those steps which are taken
by the auditor after the routine
checking and verification of
accounting records has been
completed, in order to enable him to
wind-up his examination and report.
• Completion stage normally involves
the following activities:
COMPLETION PROCEDURE
1. Review the Post balance sheet events
2. Financial statement review
3. Obtaining letter of representation
4. Sending letter to management
5. Forwarding points for consideration at 
subsequent audit
6. Maintaining errors and omission 
summery
COMPLETION PROCEDURE
1. POST BALANCE SHEET EVENTS
Those events, favorable or unfavorable, that
occurs between the Balance Sheet date and the
date on which the financial statement are
authorized to issue are called Post Balance
Sheet Events. Events classified into two
categories:
i, Those events which provide further
evidence of conditions that existed at the
balance sheet date called Adjusting Events.
Page 5


Audit
Completion Stage
INTRODUCTION
• Refers to those steps which are taken
by the auditor after the routine
checking and verification of
accounting records has been
completed, in order to enable him to
wind-up his examination and report.
• Completion stage normally involves
the following activities:
COMPLETION PROCEDURE
1. Review the Post balance sheet events
2. Financial statement review
3. Obtaining letter of representation
4. Sending letter to management
5. Forwarding points for consideration at 
subsequent audit
6. Maintaining errors and omission 
summery
COMPLETION PROCEDURE
1. POST BALANCE SHEET EVENTS
Those events, favorable or unfavorable, that
occurs between the Balance Sheet date and the
date on which the financial statement are
authorized to issue are called Post Balance
Sheet Events. Events classified into two
categories:
i, Those events which provide further
evidence of conditions that existed at the
balance sheet date called Adjusting Events.
COMPLETION PROCEDURE
ii.Those events that are indicative of
conditions that arose subsequent to the
balance sheet date called Non-Adjusting
Events.
? The auditor should perform the procedures
designed to obtain sufficient audit evidence
that all events up to the date of the auditor’s
report that must require adjustments, or
disclosure in, the financial statement have
been identified.