Overall Review of FSs Flashcards
What happens at the finalisation stage?
The FSs are reviewed to determine whether they are consistent with the auditor’s understanding of the entity
What does ISA 520 state?
The auditor shall design and perform analytical procedures to assist in forming that overall conclusion
What does the review determine (FS accounting policies)
FSs are prepared using acceptable accounting policies, consistently applied and appropriate to the entity
What does the review determine (FS compatible audit)
Information included in FSs is compatible with audit findings
What does the review determine (Disclosure classificaiton)
There is adequate disclosure and proper classificaiton and presentation of information
What does the review determine (FS statutory regulations)
FSs comply with statutory requirements and other regulations