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Audit Procedures:
– The audited accounts of each subsidiary should be agreed to the schedules used in the consolidation process, as figures may not have been transposed correctly. Verify that all subsidiaries are included on the schedule, and that the consolidation schedule agrees to the group financial statements.
– The consolidation schedule should be arithmetically checked by casting and cross-casting.
Could you please explain what is consolidation schedule?
It is the working paper that combines line-by-line the results of all the subsidiaries with that of the parent and will have column(s) for adjustments. For a parent with only one subsidiary it’s only going to be a few columns – but there could be dozens or hundreds of subsidiaries – so it might be done using specific software or excel.
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