Overall Review of FSs

Question 1

What happens at the finalisation stage?

Answer 1

The FSs are reviewed to determine whether they are consistent with the auditor’s understanding of the entity

Question 2

What does ISA 520 state?

Answer 2

The auditor shall design and perform analytical procedures to assist in forming that overall conclusion

Question 3

What does the review determine (FS accounting policies)

Answer 3

FSs are prepared using acceptable accounting policies, consistently applied and appropriate to the entity

Question 4

What does the review determine (FS compatible audit)

Answer 4

Information included in FSs is compatible with audit findings

Question 5

What does the review determine (Disclosure classificaiton)

Answer 5

There is adequate disclosure and proper classificaiton and presentation of information

Question 6

What does the review determine (FS statutory regulations)

Answer 6

FSs comply with statutory requirements and other regulations