2. Final Analytical Review
Comparison of result of current year with
• information for prior periods;
• those anticipated in budgets or forecasts;
• other companies of comparable size in the
same industry, and
• overall industry or sector statistics
3. Final Analytical Review
Consider relationships between
• Actual and expectation or predicted financial
information
• Financial and non-financial information
Consider the reliability of the information used to
perform analytical review procedures
Make a final assessment of the reasonableness of the
company's accounting estimates
Consider whether the accounting estimates are
consistent with other audit evidence obtained
4. Review for Contingent Liabilities
Materiality of Transaction
Probability of Occurrence
Journal Entries for Probable Events
Undisclosed Liabilities
Accounting for Subsequent Events
5. Review for Subsequent Event
Adjusting event
An event after the reporting period that provides
further evidence of conditions that existed at the end of
the reporting period, including an event that indicates
that the going concern assumption in relation to the
whole or part of the enterprise is not appropriate.
Non-adjusting event
An event after the reporting period that is indicative of
a condition that arose after the end of the reporting
period.
6. Review for Subsequent Event
Points under consideration
• Review the basis of estimation and re-calculation
• Management explanation
• Effect on financial statement
• Review the evidence
• Obtain Management representation
7. Critical Review of Accounts Questionnaire
A final critical review of the accounts should be
performed support the conclusions drawn from other
audit work or else indicate areas in need of further
enquiry.
8. Audit Standards Review Questionnaire
This should be the final form to be completed before
the initial partner completion. The purpose of the form
is to ensure compliance with the Bangladesh Standards
on Auditing (BSA). It can be a useful aid when
completing a review of the file.
9. Audit Standards Review Questionnaire
Standard under review
ICAB code of conduct and IFAC code of Ethic has
been followed before taking the audit – BAS 200
Complicacy arises during the audit - BAS 210
Quality control procedure of audit to client – BAS
220
Documentation to form the opinion- BAS 230
Activity has been performed to keep audit risk low –
BAS 240
Review the compliance of rules & regulation – BAS
250
Effect of unadjusted error – BAS 260
Documentation of audit file – BAS 315
10. Audit Standards Review Questionnaire
Review of audit materiality – BAS 320
Risk assessment review – BAS 330
Audit evidence regarding presentation and disclosure
– BAS 501
Alternative procedure of audit – BAS 505
Consideration of previous audit – BAS 510
Evidence of analytical review – BAS 520
Appropriateness of audit Samplings – BAS 530
Reasonableness of accounting estimate – BAS 540
Disclosure regarding related party – BAS 550
Review of post balance sheet transaction - BAS 560
11. Audit Standards Review Questionnaire
Test of going concern basis – BAS 570
Adequacy of management representation – BAS
580
Use the work of other auditor – BAS 600
Adequate consideration has given to observe
operational control of entity - BAS 610
Consistence of audit evidence with opinion – BAS
700
Unaudited corresponding figure – BAS 710
Other information related to financial statement
BAS -720
12. Partner Completion – Initial
The final partner completion should be completed
when the client has returned the signed accounts. It
provides a checklist to ensure all necessary procedures
have been undertaken before the audit report is signed.
13. Partner Completion – Final
The final partner completion should be completed
when the client has returned the signed accounts. It
provides a checklist to ensure all necessary procedures
have been undertaken before the audit report is signed.
14. File Completion Questionnaire Pre-Partner Review
A senior member of staff on the audit should complete
the completion questionnaires.
The first section (B3.1) should be completed before the
initial partner review. The second section (B3.2) should
be completed before the partner authorizes the issue of
accounts to the client for approval.
15. Accumulation of Evidence and Evaluate Result
The objective of the auditor is to evaluate the results of
the audit to determine whether the audit evidence
obtained is sufficient and appropriate to support the
opinion to be expressed in the auditor's report.
16. Issuing Audit Report & Communication with
Management
Issue audit report and communicate those charged
with the governance