14.1// wrap up+Eva adt evi Flashcards
definition Engagement Wrap-Up
1.adtr will finalise any open items and determine if there are remaining audit procedures to be completed before giving an opinion.
- usually remaining adt procedures will be assigned to team members and open items with due dates for completion
- determine if adt team has completed and executed all adt procedures planned with relevant matters considered.
Engagement Wrap-Up procedures P1
1.review adt file to ensure planned procedures were properly and completely executed
- determine that all necessary ,matters have been appropriately considered
- clear all outstanding review notes and to-do notes and finish incomplete adt procedures.
4.remove unnecessary drafts files and documents from engmnt files.
5 for multi location engmnt, ensure all required documents have been requested and obtained from other adt teams
Engagement Wrap-Up procedures P2
6.CONSIDER Amt used for materiality
- Reconsider internal control risk asment at entity and risk level or fraud
8.revisit planning documents to ensure that all sig. issues identified have been addresses
9.perform analytical procedures on the adjusted fs
10.perform reconciliation of final TB with final FS and review FS to ensure that disclosures/notes have been appropriately and adequately disclosed
Engagement Wrap-Up procedures P3
11.review contingent liability and commitments to ensure adequate and appropriate disclosure and accounting
12.perform subsequent events procedures
- discussion with mgt to include which doc.and other information in the annual report
14.adt file completed in a timely basis
1.review adt file to ensure planned procedures were properly and completely executed
1.review done by manager and focus given to identifying issues not yet resolved
- review for each working will be signed and dated as evidence
- determine that all necessary ,matters have been appropriately considered
all signs point to. issues are documented and conclusions are drawn.
for open items, no longer relevant, adtr will document the reasons behind
- clear all outstanding review notes and to-do notes and finish incomplete adt procedures
if required, additional adt procedures will be c carried out till reviewer is satisfied
4.remove unnecessary drafts files and documents from engmnt files.
adtr will retain only relevant adt paper and doc that are sent in relation to the adt or help to form conclusion
6.CONSIDER Amt used for materiality
A.adt ned to consider if materiality amt when planning adt and detecting MM still appropriate when forming opinion on FS.
B. should also condor if there are factors identified during the adt will make them set a different materiality amt
C. important to revisit the materiality amt when evaluating MM while considering qualitative and quantitative data
D.iF need to determine a different Materiality amt, adtr need to assess whether sufficient pdrs have been conducted or whether additional pdrs required. important to assess materiality th’out whole adt to avoid any materiality and sufficiency of pdrs issues
- Reconsider internal control risk asment at entity and risk level or fraud
A. when planning adt, initial assment will be made relatively to control and fraud risk level
B thr’‘out adt, adtr will consider of additional risk factors present, if they need to revise conclusion made abt the CR or whether the controls are effective to detect and correct MM. this bcuz conclusions may change after identifying sig. issues during control testing
C. if the adtr identifies MM during prdrs pertaining to risk, they may consider to withdraw esp if effects are too pervasive and not allowing the adtr to complete the eggment
D. decision to withdraw will depend whether mgt is involved in the fraud and active cooperation of mgt to investigate int o the fraud and take appropriate action.
E. adtr will consider whether the accumeulated results of the adt pdrs changes assmnt initailly made for CR and fraud risk . this will requires professional judgement in this process
9.perform analytical procedures on the adjusted FS
To evaluate whether final FS is consistent with the knowledge obtained abt the entity during adt
10.perform reconciliation of final TB to final FS and review FS to ensure that disclosures/notes have been appropriately and adequately disclosed
FS subject to adjustment during adt. thus adtr need to reconcile final TB to final FS . this review ensures that disclosures and wordings are adequately done
12.perform subsequent events procedures
important to identify events that took place between year end and report adt date as some events will require FS to be adjusted. these subsequent year prds are
- discussion with mgt to include which doc.and other information in the annual report
adtrs required to review other info in the annual report. this is to ensure there is no inconsistencies between other information and what has been audited and adtrs knowledge. this needs to be done irrespective the report Is obtained before or after adt report date
- adt file completed in a timely basis
assemble the eggmnt file on Timely basis after adt report is finalized. this process known as archiving where no data can altered, added nor removed. in there is need, adtr will have to document it.
