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COMPLETION OF AUDIT pt.2 - Coggle Diagram
COMPLETION OF AUDIT
pt.2
STAGE 6 CONCLUDING
& REPORTING
Audit report elements 700
basis of opinion; material uncertainty of GC (if applicable)
KAM (if applicable; mngmnt responsibility
title & addressee; audit opinion
auditor responsibility; auditor's signature & name of auditor/firm
auditor's address & date of report
KAM 701
examples pg16-14 - 16-16
Descriptions of individual KAMs .13
WHY it's a KAM (A45)
HOW it was addressed (A46-47)
determining KAMs .9
a) areas of higher RoMM
b) sig. auditor judgements
c) effect of sig. events or transactions
When a KAM cannot be communicated in the AR.14
Communication w/ TCWG .17
GC Considerations 570
explcit description of responsibilities of
Mngmnt & Auditor
separate GC section in AR: "Material Uncertainty
Related to GC"
"close call" - although there's doubt about entity's ability
to continue as GC, mngmnt is satisfied that they will, & have
disclosed such
where material GC uncertainty remains, don't report
as a KAM
Audit Report
Unqualified Report
Unqualified Report w/ modification
w/ "emphasis of matter/other matter" section
Qualified Report
Adverse opinion
Disclaimer opinion
Qualified opinion
Decisions affecting
Audit Opinion
take action to avoid modification
discuss w/ mngnt & TCWG
request adj AFS where needed
auditor still convinced of modification:
inform mngmnt of circumstances
gives opp to confirm matters & take action
effect on audit opinion
ISA 705 A1 diagram
refer 705 para 16-29 for form & content of report
SAAE
unmodified opinion = no
further consideration
issue relates to fair pres. = modify
opinion
issue doesn't relate to fair pres. = Emphasis
of Matter/ Other Matter para
6.Emphasis & Other Para.. 706
Emphasis of Matter para
highlight important matter correctly dealt in AFS
Other Matter para
issue isn't presented in AFS
Others
Fin Reporting Frameworks SAAPS 2
Reporting on Special Purpose
Audit Engagements 800s
Comparative Info 710
Auditor's responsibilities relating
to other info 720
ISRE 2410, ISRS 4400, ISRS 4410, ISAE 3400
STAGE 7 POST AUDIT
REVIEW
Consider aspects for next year's audit
Consider re-engagement viability & issue engagement letter (if necessary)
Perform staff evaluation
Invoice the client