Important Points about Auditor - Audit Process
The Points that should be noticed that:
i. The auditor must forever date his audit report. This date should be as close as probable to the date of approval of the financial statement through the directors however must be after that date. ISA 700 needs that the date the director's approval to their accounts must be disclosed.
ii. Special condition. These are concern rare circumstances but probable:
a) Whether the auditor becomes aware among the date of his report and the AGM whenever the accounts will be presented, of information such would change his report then he have to:
1. Discuss the issue along with the directors who may desire to amend the accounts
2. Consider getting legal advice
3. Consider creating a statement at the AGM as he is allowed to through the Companies Act.
b) Whether the directors desire to amend the accounts among the date of the report and, the auditor should the posting to the members
1. Consider whether the proposed amendment needs a change in his report
2. Re date his report
3. Review post balance sheet events up to the re dating.