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Hello, I was just wondering if you have a year end of say 31/12/13 when would the Auditors be engaged and start doing their planning and if you had an Interim Audit is this part of the planning stage? Would the auditors would have to be engaged and start planning in say June ’13? I just want to get my head around timings from beginning to end in relation to the year end?
Also, does the Interim Audit form part of substantive testing or can substantive testing only be after the year end?
Finally, are Tests of Control part of the Interim Audit and deemed to be substantive in nature or can these only be conducted after the year end and aren’t substantive?
Many Thanks
Yes. Would probably start planning about June and interim audit in Aug/Sept. Interim audit is after most planning, but planning can be revisited in the light of the interim audit findings.
Interim audit does not usually form a big part of substantive testing. Best to think of it as concentrating on tests of control.
A test of control can never be a substantive test. A test of control tests controls; substantive tests look for evidence that the assertions made by figures in the FS are ‘OK’.
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