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Evaluating + Concluding - Coggle Diagram
Evaluating + Concluding
Going Concern
Steps
Cash Flow Forecast ( sub preocedure)
Sub procedure
Operating loss impairment
arthermitc errors
Control over ride mangt
incorrect unputs
Incentive to manuplate AFS
Reasonable CF
current - reasonable
future - reasonable
Prior - reliable
Failure disclose material in AFS
Incorrect discount rate
Rep letter for CF
Quantity ( to final materiality )
Individual
Aggregate (Tagen)
Distinguished
Judgemental - Judgement
Projected - Sample
Factual - Known
Qualitative
ISA 540 - A21
Confirm and support (by Parent) to bank
Audit Issue
Audit Procedure
S22 - RT
S36 - S41 - Share issue
S4 - S +L
S45 - Fin Ass
s76
Final Phase audit
Misstatement identified
Resolve issue
Complete required file reviiews
Communicate those charged Governance
Written Representation for GC
Letter Of Support
P- Aware sub obligation
Not reduce S/H
Parent settle Sub obligation
Extent support given sub
Period + Amt given support
Audit Reporting 2
Modified Opinion
Adverse
Pervasive (Disagreement with Mnagt)
Disclaimer
Not Able gather Audit Evidence (Not gather opposite evidence)
Qualified
Except For
Material
Influence economic decision
Pervasive
not defined specific element + disclosed
Rep + Substantial of AFS
Disclosure fundamental to users of AFS
Emphasis of Matter (only unqualified )
appropriately presented or disclosed AFS
Steps
4 Qualitive
5 Material
Pervasive ISA 705
Substantial portion AFS
Understanding disclosure entity as GC
Affect AFS whole
3 Quantity
Individual
Aggregate
6 Modified Opinion
Qualified
Adverse
Disclaimer
2 Draw up unadjusted audit difference
7 Misstatement + Opiion
Judgemental
Factual
Projected
1 - Final Materiality
Extra Para
legal matter other - apa ,co act
unqualified - emphaisi of matter para
qualifed para - qualified
Audit Report Draft
illustrative example
steps
Why its an issue
Rand effect fin statement
Issue
why considered pervasive
Audit Reporting
Types -
Assurance
Audit ( reasonable)
Review (Ltd)
Non - Assurance
Agreed upon procedure
Compilation
Other (Co Act)
IFRS implication
Directors Report
Appointment Board
AFS S/H meeting after board approves
AFS 6month Y/E
APA (Other legal paragraph)
Requirement issue unqualified report
S1 - RI
S 45 - RI report
Audit Report
706
710
705
SAAP13
700
Benefits
increase confidence
transparency
Communicate auditors investors
increase professional skeptism
Enhanced financial reporting to public interest
Step
Types
Between Y/E + Audit Report
Between AFS Issues - p10 -13
After AFS issued - p14 -17
Prepare GC if end of period
Liquidate
Cease Trading