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Auditing - Essay Example

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It is also essential to evaluate whether the asserted liabilities are obligation to an entity or not. Date plays a crucial role in the audit report as for occurrence of any major changes between the date of…
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Fixing up the date of the audit report is the other important aspect. The date should not be earlier than the probable last date of collecting all the audit evidences to support the auditor’s opinion or the last day of the field work. AU 530 has mentioned the appropriate date while delivering additional copies of the previous report as demanded by CPA. 2
Here subsequent events refer to the events that have occurred between the balance sheet date and that of the audit report. The process to identify the events that may require changes or disclosures in the financial statement can be presented accordingly.
To ensure that the subsequent events have been recognized, the auditor needs to review all the processes that have been established by the management. Careful checking of the minutes of the meeting is also required. The meeting that has been held after the balance sheet date among the shareholders, board of directors and auditors is regarded here. Diminutive observation of the interim financial statement is also required. The other way of determining the subsequent events is to make inquiry of the lawyers who are concerned with litigation and claim. Even management can also be inquired to find out the events occurred after the balance sheet date. The auditor needs to be conscious regarding certain factors; namely development of any risk factor or contingencies, unusual accounting adjustments and the status of the items those are accounted on the basis of the inconclusive data. 3
Even the departments or the components of an entity that have been audited by any another auditor, should also be audited by the principal auditor. The auditor needs to observe the events those have materiality influences on the financial statements to check whether it has been accounted properly in the financial statement. 4
The responsibility of the auditor is to evaluate the appropriateness of the process of using going ...Download file to see next pagesRead More
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