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Hi there, looking at my notes and the pocket notes i have i can’t seem to find a complete overview of F8 so finding it difficult to get my head round how the audit works from start to finish. I find myself getting mixed up in controls, risk, procedures etc and i need to get it clear in my mind to how everthing fits in step by step and then revise each area, a kind of mind map. Does anybody have some kind of list? Any help would be much appreciated, thanks
Have a look at slide 15 in the downloadable OpenTuition slides. Working backwards, the aim of an audit is to form an opinion on the FS. Do to that sufficient appropriate audit evidence is needed to deal with each assertion each figure in the FS is making. The evidence can come from substantive tests, or it can come from placing reliance on the companyš system of internal control. In other words, there are two routes to gaining the required evidence.
More evidence is needed for areas where the auditor perceives greater risk. To identify those areas finding out about the entity and planning the audit are essential first steps.
HTH
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