The final review

The Final Review

The purpose of a final review

Final analytical procedures have to be carried out to assist the auditor when forming an overall conclusion as to whether the financial statements are consistent with the auditor's understanding of the entity,in accordance with ISA 520 Analytical Procedures.

It is the responsibility of the engagement partner to perform a review of audit documentation (including a discussion with the engagement team) in order to satisfy themselves that sufficient appropriate evidence has been obtained to support any conclusions reached and, ultimately, the audit opinion. Considerations include, for example:

  • has work been performed in accordance with professional standards?
  • have the significant risks identified during planning been addressed?
  • are there any critical areas of judgement relating to difficult or contentious matters?
  • are there any significant matters for further consideration?
  • have appropriate consultations taken place or are more needed?
  • have the objectives of the engagement procedures been achieved?
  • does the work documented support the conclusions made?
  • is there a need to revise the nature, timing and extent of procedures?
  • is the evidence sufficient to support an opinion?

Reviews are also significant for a firm's appraisal system and development of staff. Additionally they are an important element of any monitoring system, implemented to identify and rectify deficiencies in a firm's practices that could lead to poor quality work.

Appropriate review procedures are an integral part of an audit and are a requirement of ISA 220 Quality Control for an Audit of Financial Statements.

Created at 10/4/2012 11:43 AM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London
Last modified at 3/15/2017 12:40 PM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London

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