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Completion

Final analytical procedures and review

3.1 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.

3.2 Purpose of review procedures

The auditor should assess whether:

 initial assessments made at the start of the audit are still valid in light of the
information gathered during the audit.

 the audit plan was properly flexed to meet any new circumstances.

 there is a need to revise the nature, timing and extent of the work performed

 the audit work was carried out properly.

 the audit evidence gathered by the team is sufficient and appropriate to support
the audit opinion.

 the financial statements comply with the appropriate financial framework.

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