Annual Audit Manual

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9001 Introduction
Oct-2012

In This Section

Performing completion procedures

Completion Activities in the audit file

Overview

This topic explains:

  • What is covered by Completion Activities.
  • Completion Activities in the audit file.
  • How to select the relevant completion activities.

Performing completion procedures

OAG Guidance

The completion stage of the audit comprises the following final audit procedures necessary in order to determine, after the planned audit evidence has been gathered, whether the work performed complies with all relevant requirements and is sufficient to reduce risk to an acceptably low level to support our opinion:

  • Summarize uncorrected misstatements identified during the audit, especially to consider any implications for the opinion. (OAG Audit 9010)

  • Review the overall reasonableness of the financial statements by performing overall conclusion analytical procedures. (OAG Audit 9020)

  • Perform a number of specific procedures on the final set of financial statements (e.g., certain reconciliations and cross-references) and may complete the financial statement disclosure checklist. (OAG Audit 9030)

  • Identify and review subsequent events. (OAG Audit 9040)

  • Obtain management representations. (OAG Audit 9050)

  • Verify, as engagement leader, team manager and quality reviewer, as appropriate, that the necessary work has been completed and reviewed, matters arising have been resolved satisfactorily and the necessary evidence of completion and review is in the workpapers. (OAG Audit 9060)

  • Review significant matters. (OAG Audit 1143)

  • Review other information on which we are not obligated to report, but which appear in a close relation to the audited financial statements; e.g., an annual report containing other information and the audited financial statements. (OAG Audit 8030)

  • Review the wording of and sign the audit opinion in consideration of the applicable international and/or local auditing standards. (OAG Audit 8010)

  • Obtain client feedback through the post-audit survey in a timely manner and review the results. (OAG Audit 9080)

Completion Activities in the audit file

OAG Guidance

For the following activities the nature of the processes for completion activities is similar to those for planning activities:

  • Determining whether to perform full completion activities in respect of an audit.
  • Deleting a required completion activity procedure.
  • Documenting completion activities.

Completion Activities

Completion Activities include those procedures that we perform during the completion phase of the audit. These procedures are either:

  • Auto-populated based on cabinets selected by us if we select the box Annual Audit Procedures. These are the procedures that are typically required on all engagements; or

  • Manually selected by us from the respective cabinets through the Get Programs option on the toolbar. These are the procedures which are required if certain conditions are met.

Completion Activities comprise the following three sections and seven sub-sections, all of which auto-populate in Completion Activities regardless of whether we choose to include all required planning and completion procedures in the engagement database.

Sections Subsections

Audit Completion
  • Communication with Those Charged With Governance- Completion
  • Update On Preliminary Assessments
  • Subsequent Events
  • Other Completion Procedures

Group Audit Procedures—Completion
  • Group Audit Completion Procedures—Group Auditor (add procedures if Applicable)
  • Group Audit Completion Procedures—Component Auditor (add procedures if Applicable)

Sign-Offs—Completion
  • Sign-Offs—Completion

Overall conclusions analytics

The overall conclusion analytics performed are recommended to be documented directly in the relevant procedure; however, we may document overall conclusions analytics in a workpaper, include it in the file and link to it from the procedure, or complete and retain them in external workpapers. If the overall conclusion analytics are recorded elsewhere, refer to them in the procedure.

For further guidance, see OAG Audit 9021.

Final reports

Add final audit reports to the file as either an included file in electronic copy and/or as an external workpaper. Refer to the relevant document in the file via a link from within the respective procedure.

If our engagement (group audit) has audits for which separate audit reports are issued, ensure the applicable required completion procedures are performed in each audit file.

Misstatements

Misstatements can be logged and accumulated through proposing identified misstatements using the Issue feature in the audit working paper software. For further guidance on accumulation and review of identified misstatements, see OAG Audit 9012.

Control Deficiency and Weakness (CD/W)

When we identify a CD/W and document it in a controls or substantive procedure, we create an issue in the audit working paper software for communication in the management letter and RAC-Annual Audit Results, if necessary. The CD/W is automatically logged and accumulated within Issues, which may be filtered. See OAG Audit 6057 for instruction how to use CD/W.