Give the three major time periods (subsequent to balance sheet date) of concern to the auditor. Explain
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Question:
- Give the three major time periods (subsequent to balance sheet date) of concern to the auditor.
- Explain the going concern assumption. Who is responsible for assessing the reasonableness of the going concern assumption?
- Give at least three examples of conditions and events which may cause the auditor to have doubt about the entity's ability to continue as a going concern.
- What are related parties? What are related party transactions?
- What is the main concern of the auditor regarding related parties?
- Give examples of transactions which may alert the auditor regarding possible previously unidentified related party transactions.
- What is a management representation letter? Give examples of the content of management representation letters.
- How is the management representation letter dated?
- What are the audit implications if management refuses to give a representation letter?
- Identify other completion procedures which an auditor performs in an audit engagement.
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