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Hello Gromit,
I keep coming across things referring to an audit cycle.
I don’t recall seeing anything relating to this in the OT notes/lectures. Unless I have missed it or it is referred to as a different name (stages of an audit?)
Is it relevant for the exam?
Thanks for your time.
MichaelI have not come across the term often, that I remember, with regard to the audit of financial statements. You can find it mntioned in some IFAC documents such as where the IESBA talk about subsequent employment by a client:
“The IESBA is of the view that the self-interest, familiarity or intimidation threats would be so significant that no safeguards could reduce these threats to an acceptable level unless the entity had been through one complete annual audit cycle covering at least a 12 month period for which the former key audit partner was not involved.”
So, essentially it refers to all the stages in an audit – planning through to signing the audit report.
It is not important for F8.
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