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Hi Kim,
May i ask how what are the audit procedures for statement of cash flow and accounting policies
I notice that both appear in the syllabus which can be tested but i would like to know how we can write audit procedures for both.
It doesn’t have to be long list, but at least can give simple or even simple explanation how it will appear ?
Hopefully can provide simple audit procedures…
Thank you Kim ! 🙂
The only LO I can see in the syllabus relating to accounting policies concern group accounting policies (are they consistent? if not you would have to audit the consolidation adjustment to bring them into line) and changes in accounting policies (should be treated in accordance with IAS 8 – is it a change in policy rather than estimate?)
I can’t give you exposure to every possible thing that could come up in the exam – you must be able to think up some sensible points – the specifics of which would depend on the Q. So for a change in policy – discuss reasons for the change (allowed under IFRS?), compare with other similar entities, recalculate adjustments (retrospective/prospective), review disclosure – these are just ideas.
For CFS think of sensible things – agree increase/decrease in trade payables etc to difference between op/cl balances on the SoFP – ditto op/cl cash position – agree share issues (for cash) to SoCIE … etc.
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