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Can you list eight steps involved in auditing a consolidation?

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Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2016/02/15
Rameez Anwar
by Rameez Anwar , Financial Planning & Analysis Assistant Manager , Namariq Arabian Services Co. Ltd.

1 - Understand the audit risks

2- Perform tests of controls and substantive procedures

3- Understand related parties

4 - Understand group controls

5 - Accounting differences between group and components.

6 - Foreign exchange accounting translations

7- Adjustments for transactions between components

8- Review component auditors' papers or visit them 

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