ATC F8 materials FF8 AA (Int)Session18 j08
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¾ The objective of a review of historic financial information is to enable an auditor to state whether, on the basis of procedures which do not provide all the evidence that would
work programmes, analytical review, going concern checklist, IFRS/GAAP checklist) and to demonstrate that key procedures have been carried out (new client acceptance
¾ This requires the auditor to obtain an extensive understanding of the entity (but as not as detailed as required of the management) its environment and controls in order to
¾ If the involvement of the service organisation is considered significant by the auditor, they must assess the risk of material misstatement within the financial statements by
¾ If the audit risk assessment (derived from business risk) considers overstatement of a balance (e.g. an asset) or class of transactions (e.g. a cost) to be a possibility, then the
¾ select appropriate audit procedures (including external confirmation) for inclusion in a work program (see also Appendix 3 ) relating to financial statement assertions concerning
¾ Records the key control which satisfies the key control question (an ICQ may well be required to distinguish the key control from the non-key controls). ¾ Describes nature and
Review engagement – The objective of a review engagement is to enable an auditor to state whether, on the basis of procedures which do not provide all the evidence that would be
