QUESTION $3-$ Various aspects of the finalization phase

$(30$ marks$)$

You have been the audit partner in charge of the audit of Fix it $($Pty$)$ Ltd for the past five years.

As the shares in the company are held by LowBar Ltd$,$ which is listed on the Namibian Stock

Exchange, Namibia. The company is a retailer of lawnmowers and hardware. The company's main

branch administration centre is situated in Windhoek and the company has further branches in

all major cities of the Republic. You rely on other auditors to perform test of controls and

substantive procedures on your behalf at the other branches situated outside Windhoek. You

review their appointment documents annually, especially their competence and independence,

and you provide them with the necessary audit programs. The other auditors provide you with awritten summary of their findings, based on audit procedures performed by them, in the form of

a questionnaire drawn up by you.

Your trainee accountants have just completed the final audit fieldwork of Fixit $($Pty$)$ Ltd for the

year ended $28$ February $2022.$ They handed you the current audit file to enable you to carry out

the overall review of the financial information, to evaluate the audit evidence obtained and to

conclude on fair presentation.

Your trainee accountants have already audited management's going concern assessment. They

concluded that the company will continue to operate as a going concern in the foreseeable

future.

YOU ARE REQUIRED TO:

Describe the procedures that the auditor should perform during the finalization phase of the

audit. Your answer should exclude the procedures on going concern. $(30)$

$($a$)$ Reliance on other auditors; $(5)$

$($b$)$ Audit evidence in relation to risk; written summary of their findings, based on audit procedures performed by them, in the form of

a questionnaire drawn up by you.

Your trainee accountants have just completed the final audit fieldwork of Fixit $($Pty$)$ Ltd for the

year ended $28$ February $2022.$ They handed you the current audit file to enable you to carry out

the overall review of the financial information, to evaluate the audit evidence obtained and to

conclude on fair presentation.

Your trainee accountants have already audited management's going concern assessment. They

concluded that the company will continue to operate as a going concern in the foreseeable

future.

YOU ARE REQUIRED TO:

Describe the procedures that the auditor should perform during the finalization phase of the

audit. Your answer should exclude the procedures on going concern. $(30)$

$($a$)$ Reliance on other auditors; $(5)$

$($b$)$ Audit evidence in relation to risk; $(5)$

$($c$)$ Misstatements identified during the audit; $(5)$

$($d$)$ Final analytical procedures: $(5)$

$($e$)$ Overall review of financial information; $(5)$

$($f$)$ Subsequent events; $(3)$

$($g$)$ Finalizing and reporting. $(2)$

$($Note: An auditor's report is not required.$)$