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AA (Chapter 9, Chapter 3, Chapter 2, Chapter 7, Chapter 5, Chapter 8,…

- - - - Attend/Speak AGM
      - Receive proposed resolutions
      - all info and explanation
      - Resign before audit.
      - Given info circulated to shareholders
      - Access to records
    - - Truth and Fairness Financial Statements
    - - Resignation
      - Removal
      - Appointment
- - - - Stock market function
      - Recognise rights of shareholders
      - Protect rights shareholders
      - Timely and accurate disclosure
      - Promote Transparent
      - Strategic guidance
    - - Audit, Risk and Internal Control
      - Composition, succession and evaluation
      - Division of Responsibilities
      - Leadership
      - Remuneration
    - - Deal with auditors
      - Obtain info for auditors
      - Forum to link directors
      - Review independence and objectivity
      - Approve non audit services
      - Scope of external Audit
- - - - Risk
      - Accounting Framework
      - obtain references
      - Money Laundering
      - Will the fee be sufficient
      - Credit Rating
      - Do we have adequate resources
      - Commnicate with present auditor
      - Are we prof. Qualified
    - - Engagement Letter
        
        unrestricted access to accounts
        
        confidentiality
        
        Test nature
        
        reporting framework
        
        objective of audit
        
        planning / what we need
        
        identify any additional reports
        
        role of internal audit
        
        Written evidence of auditors acceptance
        
        Define auditor and mgt responsibilities
- - - - State, Changes in Equity
      - Cashflow Statement
      - P&L
      - Notes
      - S. of F.P.
      - What nots on it
        
        Chairmans statement
        
        Directors Report
      - Parts of Audit Report
        
        Material Uncertainty
        
        Key Audit Matters
        
        Emphasis of Matter Para.
        
        Other Matters
        
        Basis of Opinion
        
        Mgt. Responsibilities
        
        Audit Opinion
        
        Auditor Responsibilities
        
        Title
        
        Date, Address, signature
      - Materiality - Omission would influence user decisions
        
        1-2% of total assets
        
        5 - 10% of profit before tax
        
        1.5% of Revenue
      - Performance materiality
- - - - Tests of Control
      - Substantive
      - Planning objectives NB
        
        Work completed quickly
        
        Proper Staffing
        
        Identify Problems
        
        Co ordination with other parties
        
        Appropriate Attention important areas
        
        Facilitate Review
      - Understanding the Entity
      - Final Audit
        
        Interim Audit
        
        Materiality
- - - - No. If own share in co.
      - Flag if reviewing own work
      - Change every 5 yrs.
    - - Confidentiality
      - Prof. Behaviour
      - Prof. Competence and due care
      - Objectivity
      - Integrity
    - - Advocacy
      - Familiarity
      - Intimidation
      - Self Review
      - Self Interest
- - - - There maybe an emphasis of matter para
        
        Does not qualify the report
        
        (ie) court case comin up
    - - Disclaimer
      - Adverse
      - Qualified
        
        Qualification Matrix
    - - Operating Loss
      - Loss of Key Staff
      - Inability to pay suppliers
      - Tech Changes
      - Neg. Cash Flow
      - non compliance