Time for stocktakes, confirmations and the like. Do we just follow what we did last year, follow the standard audit template? Or do we take a more risk-based approach to meeting assertions and gathering sufficient appropriate audit evidence? Do we do away with bank confirmation and debtors’ circulations and just circularise creditors?
This session will address:
- Audit risks for stocktakes
- Roll-forward and roll-back procedures
- Treatment of stock-take errors and their ramifications
- Rules governing the use of external confirmations as audit evidence
- Instructions for other auditors – an ASIC focus area
- Year-end audit requirements and representation letters, and
- Audit evidence.