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Used in the review stage of the audit, the auditor will use an up-to-date checklist of disclosure requirements (e.g. of IFRS or UK standards). These are very extensive documents and can run to hundreds of pages.
Typically all the requirements will be referenced (standard and para ref) and a question posed e.g. “IAS 16.xx For each class of property, plant and equipment, does the entity disclose the depreciation methods used”. There will be tick boxes “Yes”, “No” and “N/A” against each disclosure requirement and a column for the reviewer’s comments.
If you search for “IFRS disclosure checklist” on the internet you will find numerous examples.
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