Understanding Audit Phases: Completion & Reporting
The completion and reporting phase is the final step in an audit engagement, where auditors ensure that all necessary procedures have been performed before issuing the audit report. This course provides a comprehensive overview of the critical tasks required to wrap up an audit, equipping attendees with the knowledge needed to complete engagements with accuracy and confidence. Participants will walk through key completion procedures, including evaluating subsequent events and subsequently discovered facts, assessing going concern, performing final analytical procedures, reviewing the audit file, completing the disclosure checklist, and finalizing financial statements. We will also discuss the importance of the management representaton letter and its role in audit documentation.
The course will then transition to audit reporting, where attendees will gain a deeper understanding of the different types of audit opinions and how they impact the audit report. We will also break down the components of an audit report, explaining their significance and ensuring participants understand how to effectively communicate audit findings.
Upon completion, learners will be able to:
1. Recall audit procedures performed during the completion phase of the audit
2. Describe the various audit opinions issued on reports
