inventory
litigation
ISA 501 - additional specific considerations
completeness
ISA 510 - initial engagements - opening balances
ISA 540 - audit of accounting estimate / fair value
occurrence
specific ISA
procedures
ISA 550 - related parties
accuracy
transaction & events
classification
ISA 600 - work of component auditor (groups)
cut-off
Other
considerations
ISA 610 - work of internal auditor
ISA 620 - work of an auditor's expert
relevant assertions?
completeness
ISA 550 - related parties procedures
year end balances
always consider whether any Co's Act requirement
needed to be met - procedure would then need to
be conducted to ensure complied with
existence
valuation
rights & obligations
Companies Act
presentation & disclosure
usually applicable (but not always?) and need to be specific...
"audit procedures"
what needs to be done?
obtain the relevant schedules
cast / re-calculate schedules
agree totals to general ledger
obtain written representations
include...
"outstanding procedures"
general
procedures
what is
required?
"additional procedures"
ensure that accounting policies are consistent year on year
Substantive
procedures
Summary
consider analytical review procedures
inspect
observe
enquire
confirm
how do we get the evidence?
recalculate
How /
What /
Why
re-perform
documents
describing
procedures
identify the
account
balance(s)?
differentiate
between
approach to
auditing the
balance?
activities
etc...
what else still needs to be done
asset vs liability
overstatement vs understatement concern
transactions?
identify the key transactions
have a debit and a credit side...
consider specific IFRS requirements
substantive
what are we doing / looking at?
usually relates to a specific
situation / problem
year end
position?
assets
people
what still needs to be done?
combined
no tests of control
solely substantive tests
tests of control
and reduced substantive tests
why are we doing it? / what are we trying to prove?
"Using the computer", do your normal procedure...
Consider CAATs
planning
what are you going to do?
nature
when are you going to do it?
timing
Interim
procedures
how much are you going to do?
linked to audit risk model
Substantive procedures summary.mmap - 2010/04/19 - Graeme O'Reilly
stages during which
evidence is planned &
obtained
fieldwork
Early verification
at year end
after year end
extent
finalisation
always with roll forward