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CHAPTER 20 - Coggle Diagram

- - - - Will explain
        
        Why the matter was considered to be significant
        
        How the matter was addressed in the audit
    - - KAMs still need to be communicated
        
        If requires auditor's attention
    - - KAMs still need to be communicated
        
        If required auditor's attention
        
        Issue will not be disclosed in KAMs, paragraph
        
        But, in Basis for modified opinion paragraph
- - - - Provide owners with info set out in FS
  - - - To identify material inconsistencies with audited FS
      - To determine whether auditor's understanding needs to be updated
    - - No material inconsistencies with FS
        
        Include in OIS
      - Material inconsistencies with FS
        
        Audited FS are misstated
        
        Mnagement correct FS
        
        Include in OIS
        
        Management refuse to correct FS
        
        Modify audit opinion
        
        Other info is misstated
        
        Management correct other info
        
        Include in OIS
        
        Management refuse to correct other info
        
        Communicate with TCWG & modify audit opinion OR
        
        Withdraw from engagement (if permitted legally)
        
        Include in OIS immediately after basis of opinion & include description of misstatement
- - - - Fundamental to user's understanding and require significant audit attention
    - - Fundamental to user's understanding but not require significant audit attention
- - - - Have not audited
      - Have been audited by another auditor
- - - - Adequately disclosed
        
        Unmodified opinion but 'uncertainty exists'
      - Not adequately disclose
        
        Qualified & adverse opinion due to material misstatement
  - - - Adverse opinion due to material and pervasive misstatement
  - - - Qualified or disclaimr of opinion due to insufficient audit evidence
- - - - Material but not pervasive
        
        Qualified opinion
        
        Everything is unmodified except for
      - Material but pervasive
        
        Disclaimer of opinion
        
        We do not express an opinion
      - Due to
        
        Inadequate acc. records / records lost or destroyed
        
        Auditors appointed after period end
        
        Management prevent auditor from obtaining audit evidence
    - - Material but not pervasive
        
        Qualified opinion
        
        Everything is unmodified except for
      - Material but pervasive
        
        Adverse opinion
        
        FS do not present fairly
      - Due to
        
        Appropriateness / application of selected acc. policies
        
        Appropriateness / adequacy of disclosures in FS