أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
· T What don't auditors do?
· Audit other information provided to the members of the organisation, for example, the directors' report.
· Check every figure in the financial report – audits are based on selective testing only.
· Judge the appropriateness of the organisation's business activities or strategies or decisions made by the directors.
· Look at every transaction carried out by the organisation.
· Test the adequacy of all of the organisation's internal controls.
· Comment to shareholders on the quality of directors and management, the quality of corporate governance or the quality of the organisation's risk management procedures and controls.
he organisation's management prepares the financial report. It must be prepared in accordance with legal requirements and financial reporting standards.
· The organisation's directors approve the financial report.
· Auditors start their examination by gaining an understanding of the organisation's activities, and considering the economic and industry issues that might have affected the business during the reporting period.
· For each major activity listed in the financial report, auditors identify and assess any risks which could have a significant impact on the financial position or financial performance, and also some of the measures (called internal controls) that the organisation has put in place to mitigate those risks.
· Based on the risks and controls identified, auditors consider what management does has done to ensure the financial report is accurate, and examine supporting evidence.
· Auditors then make a judgement as to whether the financial report taken as a whole presents a true and fair view of the financial results and position of the organisation and its cash flows, and is in compliance with financial reporting standards and, if applicable, the Corporations Act.
· Finally, auditors prepare an audit report setting out their opinion, for the organisation's shareholders or members.
