Page 167 - AAA Integrated Workbook STUDENT S18-J19

Completion and review

Final analytical procedures and review

3.1 Final analytical procedures

 Review the financial statements to ensure:

– Compliance with accounting standards and local legislation disclosure
requirements. This is sometimes performed using a disclosure checklist.

– Accounting policies are sufficiently disclosed and to ensure that they are in
accordance with the accounting treatment adopted in the financial
statements.

– They adequately reflect the information and explanations previously
obtained and conclusions reached during the course of the audit.

 Perform analytical procedures to corroborate conclusions formed during the
audit and assist when forming an overall conclusion as to whether the financial
statements are consistent with the auditor's understanding of the entity.

 Review the aggregate of the uncorrected misstatements to assess whether a
material misstatement arises. If so, discuss the potential adjustment with
management.

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