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Fine that helped!
However regardless of all regulations, does that mean planning should start when the drafts are given to us?
Because it doesnt make sense (to me) that i should start evaluating risks i.e planning stage while im half way ahead of the financial yearAuditors cannot begin a final audit to audit the year’s results until … after that year has finished
It’s one of the criticisms raised against the concept of auditors and auditing – they only look backwards at what has happened with no eye on the future as to what could happen
It’s an unfair criticism in my opinion – how could auditors possibly express opinions of something that has not yet happened and may well never happen
The evaluation of risks carried out by auditors is not the same as risk assessment carried out by directors and risk committees or risk managers
Auditors are considering audit risk ie the risk that they may issue an inappropriate opinion whereas directors are looking at business risks and control risks and are only tangentially interested in the auditors’ assessment of audit risk
OK?
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