What steps are appropriate to audit other financial statements and financial statement disclosures?
Question:
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Step by Step Answer:
1 Review the clients financial statement disclosures to determine whether they are adequate 2 Determine whether all the requirements of GAAP have been met and document performance of the review 3 Establish that the financial statement disclosures are consistent with the audit evidence included in the work papers by tracing to the work paper documentation resulting from earlier audit work 4 Consider and perform any recalculations necessary related to the consolidation process and trace any information needed into the work papers Agree the Statement of Cash Flows and Statement of Changes in Shareholders Equity to other financial statements and to the work papers 5 Determine whether the ...View the full answer
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Evans Cherono
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Related Book For 
Auditing and Assurance Services Understanding the Integrated Audit
ISBN: 978-0471726340
1st edition
Authors: Karen L. Hooks
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