Audit completion: the common pitfalls
This is the first of two articles and relates to the completion of the external audit because this is an area that is prone to oversight, sometimes due to fee pressure or misunderstanding of the clarified International Standards on Auditing (UK and Ireland) ISAs, explains Steve Collings.
This article aims to flag up a few of the common pitfalls that practitioners may encounter with the intention of making audit files stand a better chance of successful review. The next article will focus on audit planning.
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- Going concern
- Analytical procedures
- Written representations
- Subsequent events
- Audit documentation and file completion
- Prior period not audited