• Sampling and its role in the completion stage
• Identifying and testing related parties, transactions, and disclosures
• Recognising and documenting litigation, claims, contingent liabilities, and commitments
• Evaluating the client’s going concern plans and auditing cash flow forecasts
• Assessing subordination agreements and identifying insolvencies
• Identifying and documenting subsequent events and their impact on financial statements
• Performing a final or overall analytical review
• Obtaining external confirmations to validate key balances
• Evaluating misstatements, including calculating final materiality, assessing individual and qualitative misstatements, and determining the impact of uncorrected misstatements
• Reporting deficiencies and significant deficiencies in internal controls to management
• Obtaining written representations from management
• Deciding on the appropriate audit opinion and setting up the audit report in line with the revised ISA 700
• Including Key Audit Matters (KAMs) in the report according to ISA 701
• Reporting reportable irregularities to the IRBA
• Identifying non-compliance with laws and regulations and understanding reporting obligations under the Code of Conduct
• Determining if non-compliance must still be reported even if it is not a reportable irregularity
Draftworx Documents Covered
• 02.00 Reporting checklist
• 02.05 Materiality
• 02.10 Schedule of identified misstatements
• 02.15 Final analytical review
• 03.05 Final fraud impact
• 03.15 Going concern
• 03.20 Subsequent events
• 03.25 Reportable irregularities
• 03.30 Laws and Regulations
• 03.35 Key audit matters
• 06.40 Management report
• 06.45 Management responsibility
