Practice Reviews of Direct Engagements completed in the 2020–21 Fiscal Year

The audit team did not develop an audit logic matrix, which would have set out the audit strategy in a logical way by showing the alignment of the various elements in the strategy and by identifying, at an early stage, any constraints to conducting the audit. (1 file)

Consultations were initiated with an internal specialist during the planning phase, but we found no documentation of the agreement between the individual seeking consultation and the party consulted. (2 files)

The audit team did not fully document the procedures of its risk‑based planning exercise to determine the scope and approach of the audit. (1  file)

Several independence forms were either not completed or were not appropriately reviewed. (1 file)

The report was dated before all required procedures were finalized, including the preparation and review of some key engagement documentation. (3 files)

The audit team did not clearly document its conclusions against all of the audit criteria so that it could support its evaluation of the significance of any deviations and its overall conclusions on the audit objectives. (1 file)

The audit teams did not verify the accuracy and completeness of statements that referred to third parties in the report on a timely basis. (2 files)

The audit teams did not document their initial assessment of subsequent events up to the date of the report or they did not update the assessment to respond to the report tabling delayed by the COVID‑19 pandemic. (5 files)

The audit team did not document the identification and the review of the high risk paragraphs before issuing the findings summary document to the audited entity. (1 file)

Written representations were not received prior to the date of the report. (1 file)

The judgement in relation to the assignment of review responsibilities was not documented. (1 file)

The audit file documentation was not assembled and finalized within 60 calendar days after the date of the assurance engagement report or within 60 days the date of tabling. (1 file)