Audit Questionnaire June 2013

7/23/2019 Audit Questionnaire June 2013

http://slidepdf.com/reader/full/audit-questionnaire-june-2013 1/21

Quality Review ProgramReview of Engagements Questionnaire

Audit Engagements 1

To be completed for audits of financial reporting periods commencing on/after 1 January 2010

Review ode! "review#d$

Date questionnaire completed: Audits performed under t%e Corporations Act2001

&t%er audits

Engagement reference code: What type of entity was audited? What type of entity was audited?

Revenue and/or assets of engagement:Public not listed including companylimited by guarantee!

"ncorporated association

"ncorporated association #mall proprietary

Engagement year end: $arge proprietary %ther unincorporated body

#mall proprietary #olicitor&s trust account

'on(corporate disclosing entity Real estate agent&s trust account

#nitial t%at client consent %as been sig%ted! %ther please specify! %ther please specify!

'as t%is an %onorary audit(

)es

'o

* +or publicly listed entities, superannuation fund audits, reviews and consulting and other assurance engagements, please use separate questionnaires-

#nstitute of %artered Accountants Australia. 0012.3-doc Page * /.*



)uide to re*uirements and application dates

4his questionnaire is based on the standards shown in the table below-

+tandard Application date

5PE# 6.7 Quality Control for Firms Reissued 8ay .77 9 effective * anuary .7*7

5#;< * ; uality Control for Firms that Perform Audits and Reviewsof Financial Reports and Other Financial Information, and Other

Assurance Engagements

<ompiled as at une .7**9 effective * anuary .7*7

5PE# **7 Code of Ethics for Professional Accountants Effective * uly .7**, with requirements related to public interest entities P"E#! effective * anuary .7*6

Corporations Act !!" "ncluding amendments up to anuary .7*.-

<larified 5#5 standards "ssued %ctober .77 9 effective for financial reporting periods commencing on/after * anuary .7*7



About t%is *uestionnaire

4his questionnaire has been designed to help you, the reviewer, assess whether the audit under review was conducted in accordance with 5ustralian 5uditing #tandards and otherrelevant professional standards and legislation-

4hroughout the questionnaire the questions in bold relate to mandatory elements of the 5uditing #tandards and other professional standards or to matters required by legislation- )oumust answer yes or no to these questions, or e=plain why they do not relate to this audit engagement- References have been included to assist you- 4he questions in normal printrelate to the audit procedures which a practice would commonly carry out to comply with 5uditing #tandards-

We suggest you start with an overall review of the whole audit, which will enable you to answer most of the questions- +rom this review identify one significant audit ris>, and e=aminethis area in detail- )ou should then have enough information to ma>e your overall assessment of the audit in #ection 0-

1, Audit independence and *uality control Reviewer-s omments

1,1 #s t%ere evidence t%e engagement partner formed anddocumented a conclusion on compliance wit%independence re*uirements t%at applied to t%isengagement(A+A 220,11

Did the practice consider whether the entity is a public interestentity?

Additional independence re#uirements apply to these entities$ 5PE# **7 . 7-. @ 5A#4 . 7-.1-*!9 "ndependence Buide . , +ourthEdition, #ection

1,2 .ave t%e same senior personnel been used on t%isengagement for a long period of time(A E+ 110 2 0,1 03

"f yes, has the effect on independence been considered andappropriate action ta>en as necessary?

. 4he "ndependence Buide is available on the "nstitute website at: http://www-charteredaccountants-com-au/"ndustry(4opics/Ethical(and(professional(standards/"ndependence(Buide

http://www.charteredaccountants.com.au/Industry-Topics/Ethical-and-professional-standards/Independence-Guide

http://www.charteredaccountants.com.au/Industry-Topics/Ethical-and-professional-standards/Independence-Guide




Reviewer4s omments1,5 E6cluding accounting and ta6ation services performed by

t%e practice for t%is client7 were any t%reats toindependence identified for t%is engagement(A E+ 110 2 0,839 "ndependence Buide, +ourth Edition, #ection 0

#f no7 go to 1, ,

#ituations which may give rise to threats to independence

include:• financial interest in clients9• loans or guarantees to or from the client9• business relationships with the client or its

directors/employees9• family or personal relationships with the client&s

directors/employees9• employment of e=(partners or staff with the client, or client

staff with the firm9• temporary staff assignments9• serving as an officer or director of the client9• provision of non(assurance services to the client9 and• dependence of the firm on the client for a significant

portion of the firm&s fees-

1,: #f yes7 %as t%e significance of t%e t%reat/s beenevaluated(A E+ 110 2 0,83

'%ere necessary7 were safeguards applied to eliminatet%e t%reat/s or reduce t%em to an acceptable level(A E+ 110 2 0,83

#f yes7 was t%e nature of t%e t%reat and t%e safeguard/sapplied documented(A E+ 110 2 0,2 3

1, ;id t%e practice provide any accounting services to t%eclient(

#f so7 %ow was t%e self<review t%reat reduced to anacceptable level(

A E+ 110 2 0,1813 =T%e firm may provide services related to t%epreparation of accounting records and financial statements to anaudit client t%at is not a public interest entity w%ere t%e servicesare of a routine or mec%anical nature7 so long as any se lf<reviewt%reat created is reduced to an acceptable level,>




Reviewer4s omments1,? ;id t%e firm prepare ta6 calculations of current and

deferred ta6 liabilities/assets for t%e purposes ofpreparing accounting entries t%at are material to t%efinancial statements(A E+ 110 2 0,1@:3 9 "ndependence Buide, +ourth Edition, #ection 0


1,8 ;id t%e firm provide ta6 planning or ta6 advisory servicesto t%e client(A E+ 110 2 0,1@8 < 1 03


1,@ ;id t%e firm represent t%e client in t%e resolution of a ta6dispute(A E+ 110 2 0,1 2 < 1 :3 9 "ndependence Buide, +ourth Edition,#ection 0


1, .ave t%reats to independence and related safeguardsbeen notified to t%e assurance practice(A+Q 1,22 and 259 A E+ 520,2 and ,2?

ot appropriate for small practices,3

1,10 a3 'as t%is audit carried out under t%e Corporations Act 2001 (

b3 #f yes!i3 were t%e general and specific independence

re*uirements of t%e Act complied wit%( An overview of these re#uirements is given in theQuality Control for Firms Questionnaire$

ii3 was an independence declaration issued tot%e directors in accordance wit% s,508 (




Reviewer4s omments

2, lanning

2,1 #s t%ere written evidence t%at t%e auditor and t%e clientagreed on t%e terms of t%e engagement( A+A 210re*uires t%e terms of engagement to be recorded in an

engagement letter or ot%er suitable written form,A+A 210,

;oes t%e engagement letter or similar include!• t%e obBective and scope of t%e audit(• t%e responsibilities of t%e auditor(• t%e responsibilities of management(• identification of t%e applicable financial reporting

frameworC(• reference to t%e e6pected form and content of any

reports to be issued(A+A 210,10

'%ere t%e terms of t%e engagement %ave c%anged7 %ast%e auditor agreed t%e new terms wit% t%e client andrecorded t%em in an engagement letter or ot%er suitablewritten form(A+A 210,1?

2,2 #n t%e case of a recurring audit7 did t%e auditor assessw%et%er!• circumstances re*uire t%e terms of engagement to

be revised(• t%ere is a need to remind t%e entity of t%e e6isting

terms(A+A 210,15

2,5 ;id t%e auditor establis% w%et%er t%e preconditions for an

audit were present by!• determining w%et%er t%e financial reporting

frameworC is acceptable(• obtaining agreement from management t%at it

acCnowledges and understands its responsibility for!- t%e preparation of t%e financial report(- internal control(- providing t%e auditor wit% access to all relevant

information and unrestricted access to personswit%in t%e entity(

A+A 210,?




Reviewer4s omments2,: ;oes it appear all members of t%e audit team including

t%e engagement partner3 %ad t %e appropriate competenceand capabilities to perform t%is engagement(A+Q 1,519 A E+ 520, ?9 A+A 220,1:

2, ;id t%e auditor perform analytical procedures as risCassessment procedures at t%e planning stage of t%eaudit(

A+A 51 ,? b3

;id t%e auditor consider w%et%er unusual or une6pectedrelations%ips mig%t indicate a risC of materialmisstatement due to fraud(A+A 2:0,22

2,? .as t%e auditor establis%ed and documented an overallstrategy for t%e audit(A+A 500,89 A+A ?00,1

;oes t%e audit strategy include!• t%e engagement scope(• t%e reporting obBectives of t%e engagement(• t%e factors t%at are significant in directing t%e

engagement team4s effort(• t%e results of preliminary engagement activities(• t%e nature7 timing and e6tent of resources needed to

perform t%e engagement(A+A 500,@

2,8 .as t%e auditor!

a3 determined materiality for t%e financial report as aw%ole(A+A 520,10

b3 determined performance materiality(A+A 520,11




Reviewer4s omments2,@ .as t%e auditor developed and documented an audit plan

for t%e audit(A+A 500, 9 A+A ?00,1

;oes t%e audit plan include a description of!• t%e nature7 timing and e6tent of planned risC

assessment procedures(• t%e nature7 timing and e6tent of planned furt%er

procedures at t%e assertion level(• ot%er procedures t%at are re*uired to be carried out

so t%at t%e engagement complies wit% A+As( A+A 500,

#s t%ere evidence t%e audit was planned wit% professionalscepticism7 recognising t%at circumstances may e6istt%at cause t%e financial report to be materially misstated(A+A 200,1 9 5#5 677 5ppendi= * 6

2, ;oes it appear t%at t%e engagement partner and ot%er Ceymembers of t%e engagement team were involved inplanning t%e audit(A+A 500,

2,10 #s t%ere evidence t%e engagement team discussed t%esusceptibility of t%e financial report to materialmisstatements7 including from fraud and related partytransactions(A+A 51 ,109 A+A 2:0,1 9 A+A 0,12

5, RisC assessment and internal controls

5,1 To t%e e6tent appropriate for t%is client7 %as t%e auditordocumented t%eir understanding of!

a3 relevant industry7 regulatory and ot%er e6ternalfactors including t%e applicable financial reportingframeworC and relevant laws and regulations(A+A 51 ,11 a39 A+A 2 0,12

b3 t%e nature of t%e entity(A+A 51 ,11 b3

6 +or further guidance refer to the "nstitute&s practical guide to e=ercising professional scepticism in auditing, available at http://www-charteredaccountants-com-au/"ndustry(4opics/5udit(and(assurance/<urrent(issues/"nternational(audit(news/'ews(and(updates/E=ercising(professional(scepticism(a(new(practical(guide

http://www.charteredaccountants.com.au/Industry-Topics/Audit-and-assurance/Current-issues/International-audit-news/News-and-updates/Exercising-professional-scepticism-a-new-practical-guide







Reviewer4s ommentsc3 t%e entity4s selection and application of accounting

policies(A+A 51 ,11 c3

d3 t%e entity4s obBectives and strategies and t%e relatedbusiness risCs t%at may result in risCs of materialmisstatement(A+A 51 ,11 d3

e3 t%e measurement and review of t%e entity4s financialperformance(A+A 51 ,11 e3

5,2 A%A &"' re#uires auditors to o(tain an understanding ofinternal control relevant to the audit$ It divides internal controlinto five components, with specific mandatory re#uirementsapplica(le to each$ )he five components are*• the control environment • the entity+s ris assessment process• the information system• control activities•

monitoring of controls$

To t%e e6tent appropriate for t%is client7 %as t%e auditordocumented t%eir understanding of!

a3 t%e entity4s control environment(A+A 51 ,1:

b3 t%e entity4s process for identifying business risCsrelevant to financial reporting obBectives anddeciding about actions to address t%ose risCs(A+A 51 ,1




Reviewer4s ommentsc3 t%e information system relevant to financial

reporting7 including t%e following!i3 t%e significant classes of transactions(ii3 t%e procedures by w%ic% t%ose transactions

are initiated7 recorded7 processed andreported in t%e financial report(

iii3 t%e related accounting records7 supportinginformation and specific accounts in t%e

financial report(iv3 %ow t%e information system captures eventsand conditions t%at are significant to t%efinancial report e,g, impairment of assets3(

v3 t%e financial reporting process used toprepare t%e entity4s financial report7 includingsignificant accounting estimates anddisclosures(

vi3 controls surrounding Bournal entries used torecord non<recurring or unusual transactionsor adBustments(

vii3 %ow t%e entity communicates financialreporting roles and responsibilities related tofinancial reporting(

A+A 51 ,1@ and ,1

d3 control activities in order to!i3 assess t%e risCs of material misstatement at

t%e assertion level(ii3 design furt%er audit procedures responsive to

assessed risCs(ontrol activities include aut%orisation7

information processing7 p%ysical controls andsegregation of duties,3A+A 51 ,20

e3 t%e maBor types of activities t%at t%e entity uses tomonitor internal control over financial reportingand %ow t%e entity initiates remedial action toaddress deficiencies in its controls(A+A 51 ,22




Reviewer4s omments5,5 .as t%e auditor documented t%e in*uiries made of

management and t%ose c%arged wit% governance wit%regard to fraud(A+A 2:0,187 ,1@7 ,1 7 ,21

#s t%ere evidence t%e auditor applied professionalscepticism7 recognising t%e possibility t%at a materialmisstatement due to fraud could e6ist notwit%standing

t%e auditor4s past e6perience of t%e %onesty and integrityof t%e entity4s management and t%ose c%arged wit%governance(A+A 2:0,12

5,: .as t%e auditor identified7 assessed and documented t%erisCs of material misstatement including fraud3 at t%efinancial report level and at t%e assertion level for classesof transactions7 account balances and disclosures(A+A 51 ,2 9 A+A 2:0,2

5, .as t%e auditor made a presumption t%at t%ere is a risC of material misstatement due to fraud in revenuerecognition(A+A 2:0,2?

#f not7 %as t%e auditor documented t%e reason for t%atconclusion(A+A 2:0,:8

5,? As part of ri sC assessment!

a3 %as t%e auditor identified and documented any risCsw%ere it is not possible to obtain sufficient evidenceonly from substantive procedures(

b3 for any suc% risCs7 %as t%e auditor obtained anunderstanding of t%e related controls(

A+A 51 ,50

5,8 As part of t%e risC assessment7 %ave significant auditrisCs been identified and documented(A+A 51 ,28

.as t%e auditor considered w%et%er significant risCsinclude t%e risC of material misstatement due to fraud(A+A 2:0,28




Reviewer4s omments5,@ Dor any significant audit risCs7 %as t%e auditor!

a3 obtained an understanding of t%e entity4s controls7including control activities7 relevant to t%at risC(A+A 51 ,2 9 A+A 2:0,28

b3 planned substantive procedures t%at are specificallyresponsive to t%at risC7 and include tests of detail(A+A 550,219 A+A 2:0,50

:, Audit evidence

:,1 .as t%e auditor prepared audit documentation t%at issufficient to enable an e6perienced auditor7 wit% noprevious connection wit% t%e audit7 to understand!

a3 t%e nature7 timing and e6tent of t%e audit proceduresperformed(A+A 250,@ a3

b3 t%e results of t%e audit procedures performed and t%e

evidence obtained(A+A 250,@ b3

c3 significant matters arising during t%e audit and t%econclusions reac%ed t%ereon(A+A 250,@ c3

: ,2 .as t%e auditor recorded!

a3 t%e identifying c%aracteristics of t%e items tested(A+A 250, a3

b3 w%o performed t%e audit worC and t%e date suc%worC was completed(A+A 250, b3

c3 w%o reviewed t%e audit worC and t%e date and e6tentof review(A+A 250, c3

'as t%e final engagement file s3 compiled wit%in ?0 daysof t%e audit report being finalised(A+Q 1,: 9 A E+ 520, 5 and , :9 A+A 250,1:




Reviewer4s omments:,5 'as t%e audit strategy and audit plan updated as

necessary t%roug%out t%e audit(A+A 500,10

:,: #s t%ere evidence t%at audit procedures were performed toensure all material events occurring after balance dateand up to t%e date of t%e audit report were identified(A+A ?0,?9 A+A ?00,5@

:, '%ere t%e practice %as used information produced by t%eentity e,g, ageing analysis of receivables3 to performprocedures7 %as evidence been obtained about t%eaccuracy and completeness of t%e information(A+A 00,

Specific areas

:,? '%ere t%e practice %as used e6ternal confirmations7 didt%e auditor!

a3 maintain control over confirmation re*uests(A+A 0 ,8

b3 perform alternative audit procedures on non<responses(A+A 0 ,12

c3 investigate e6ceptions(A+A 0 ,1:

:,8 '%ere inventory was material7 did t%e auditor obtainsufficient appropriate evidence regarding t%e e6istenceand condition of inventory by!

a3 attending t%e p%ysical inventory counting to!• evaluate management4s instructions and

procedures(•

observe t%e performance of management4s countprocedures(• inspect t%e inventory(• perform test counts(

b! performing audit procedures over t%e entity4s finalinventory records to determine w%et%er t%eyaccurately reflected actual inventory count results(

A+A 01,:




Reviewer4s omments:,@ ;id t%e auditor obtain evidence about compliance wit%

t%ose laws and regulations generally recognised to %avea direct effect on t%e determination of material amountsand disclosures in t%e financial report(A+A 2 0,15

:, '%ere t%e auditor %as assessed a risC of materialmisstatement regarding litigation or claims7 or w%ere

material litigations or claims e6ist7 did t%e auditorendeavour to seeC direct communication wit% t%e entity4slegal counsel t%roug% a letter of en*uiry(A+A 02,

:,10 .as t%e auditor made en*uiries of management regardingt%e identity and nature of related parties and related partyrelations%ips(A+A 0,15

#s t%ere evidence t%e auditor applied professionalscepticism7 given t%e potential for undisclosed relatedparties and related party transactions(A+A 0,8

.as t%e auditor evaluated w%et%er t%e identified relatedparty relations%ips and transactions %ave beenappropriately accounted for and disclosed in accordancewit% t%e applicable financial reporting frameworC(A+A 0,2

:,11 ;id t%e auditor re*uest written managementrepresentations!

• t%at management %as fulfilled its responsibility fort%e preparation of t%e financial report particularly incircumstances w%ere t%e practice %as providedaccounting services to t%e client3(

• in relation to fraud(• in relation to compliance wit% laws and regulations(• w%ere necessary to support ot%er audit evidence

relevant to t%e financial report(A+A @0,109 A+A 2:0,5 9 A+A 2 0,1?9 A+A @0,15




Reviewer4s omments:,12 ;id t%e auditor evaluate w%et%er t%e accounting

estimates in t%e financial report are reasonable(A+A :0,1@

#s t%ere evidence t%at professional scepticism wasapplied to t%is evaluation(A+A 2001

;id t%e auditor review t%e outcome of accountingestimates included in t%e prior period financial report(A+A :0,

:,15 "s there a ban> audit certificate dated before the audit report?)+ 01?

"f not, did the auditor obtain sufficient, appropriate auditevidence in relation to ban> balances and treasury operations

if any!?

:,1: 'ere audit procedures performed w%ic% were specificallyresponsive to risCs assessed at t%e planning stage(A+A 550,?

:,1 'ere substantive procedures performed for eac% materialclass of transactions7 account balance and disclosure(A+A 550,1@

:,1? '%ere t%e auditor planned to rely on controls7 were testsof controls performed(A+A 550,@ and ,10

:,18 '%ere t%e auditor used evidence about t%e effectivenessof controls obtained in prior periods in t%e current period7was sufficient appropriate audit evidence about t%eireffectiveness obtained(A+A 550,1:

:,1@ Are audit procedures based on and responsive to t%eassessed risCs of material misstatement at t%e assertionlevel(A+A 550,?




Reviewer4s omments:,1 ;id t%e auditor determine sample si es sufficient to

reduce sampling risC to an acceptably low level(A+A 50,8

#ampling ris> arises from the possibility that the auditor&sconclusions, based on a sample, may be different from theconclusion reached if the entire population was tested-#ample siCes may be determined statistically or

udgementally-:,20 ;oes it appear appropriate security and confidentiality

was maintained over t%e engagement worC papers(A+Q 1,:?9 A E+ 520, ?9 A+A 250,Aus 1?,1

, Assessment of audit evidence

,1 .as t%e auditor concluded w%et%er sufficient appropriateaudit evidence %as been obtained from t%e auditprocedures performed(A+A 550,2?9 A+A ?00,::

#s t%ere evidence t%e auditor applied professionalscepticism w%ile performing t%e audit(A+A 200,1

E=amples of circumstances where audit documentationshould demonstrate clearly that professional scepticism hasbeen applied include:

• discussions amongst the audit team• significant decisions regarding the susceptibility of the

financial statements to material misstatement due tofraud or error

• identified or suspected non(compliance with laws andregulations

• the basis for the auditor&s conclusions on accountingestimates

• identified information that is inconsistent with theauditor&s final conclusion regarding a significant matter

• the basis for the auditor&s conclusions on thereasonableness of areas of sub ective udgement

• communications with client management and staff




Reviewer4s omments,2 #s t%ere ev idence t%at!

• t%e financial report was agreed to t%e underlyingaccounting records(

• material Bournal entries/adBustments were e6amined(• accounting estimates were reviewed for bias(• t%e business rationale for significant transactions

outside t%e normal course of business wasevaluated for fraud risC(

A+A 550,20 a39 A+A 2:0,52 a39 A+A 550,20 b39 A+A 2:0,52 b39A+A 2:0,52 c3

,5 'ere uncorrected misstatements assessed to determinew%et%er t%ey were material eit%er individually or inaggregate(A+A : 0,119 A+A ?00,:

;id t%e auditor consider w%et%er misstatements identifiedcould be indicative of fraud(A+A 2:0,5

;id t%e auditor inform t%ose c%arged wit% governance ofany uncorrected misstatements including t%ose relatedto prior periods3 and t%e effect t%ey may %ave on t%eauditor4s report(A+A : 0,127 ,15

,: 'as management4s assessment of t%e going concernassumption evaluated and documented at t%e final stageof t%e audit(A+A 80,12

, 'ere analytical review procedures applied anddocumented at t%e final stage of t%e audit(A+A 20,?

;id t%e auditor consider w%et%er analytical proceduresindicated a previously unrecognised risC of material

misstatement due to fraud(A+A 2:0,5:

,? ;oes it appear t%e engagement partner tooCresponsibility for t%e direction7 supervision andperformance of t%e engagement in accordance wit%Auditing +tandards(A+A 220,1




Reviewer4s omments%rdinarily this involves, for e=ample:• informing members of the audit team of their

responsibilities• trac>ing the progress of the engagement• addressing significant issues arising during the

engagement• determining review responsibilities on the basis that more

e=perienced team members review wor> performed byless e=perienced team members-

,8 +elect one significant audit risC or if none7 select amaterial account3 and review t%is area in detail,

5udit area:• Were audit assertions at ris> identified, and were

substantive procedures performed that were responsiveto that ris>?

• Was there an appropriate review of the informationsystem and related internal controls?

• Were tests performed to ensure controls if any! relatedto the significant audit ris> had been implemented?

• Was the e=tent of reliance on controls to reducesubstantive testing appropriate under thecircumstances?

• Were the substantive audit procedures selectedefficient?

• Do the wor> papers adequately document the wor>performed and the conclusions reached?

• Do the wor> papers adequately document the resolutionof all significant issues?

• Were any errors or wea>nesses found dealt withappropriately, given their impact on:

• audit strategy/plan and ris> assessment?• audit scope?• e=tent of testing?• assessment of misstatements?

?, Reporting




Reviewer4s omments

?,1 #s t%ere evidence t%e engagement partner reviewed t%eaudit documentation and was satisfied sufficient7appropriate audit evidence %ad been obtained to supportt%e conclusions reac%ed(A+A 220,18

?,2 ;oes t%e audit report contain t%e following elements!•

title including t%e word Findependent4(• addressed as re*uired by t%e circumstances of t%eengagement(

• an introductory paragrap% clearly identifying t%e entityw%ose financial report %as been audited7 t%e title ofeac% statement t%at comprises t%e financial report

including7 w%ere relevant7 t%e ;irector4s ;eclaration3and specifying t%e date and period covered by t%efinancial report(

• a statement t%at t%ose c%arged wit%management/governance are responsible for t%epreparation and fair presentation of t%e financialreport(

• a description of t%e auditor4s responsibilities7

including a description of an audit(• if relevant7 a section %eaded Fbasis for4! *ualified

opinion9 adverse opinion or disclaimer of opinion7 asappropriate clearly setting out t%e modification(

• a section %eaded Fopinion4 or F*ualified47 Fadverse4 orFdisclaimer4 opinion as appropriate(

• if relevant7 a section describing any emp%asis ofmatter relevant to t%e auditor4s report(

• date signed in t%e name of t%e appointed auditor(A+A 8009 A+A 80 9 A+A 80?

"f there is a modification qualification or emphasis of matter!,does it appear the type of modification is in accordance with

5#5 07 and/or 5#5 071?

?,5 For a reporting entity:#s t%e financial report presented in accordance wit%!• applicable Accounting +tandards9 and• ot%er re*uirements for t%e type of entity being

audited(+G& #DA statement of member obligations3 1,1




Reviewer4s omments?,: For a non-reporting entity:

;o t%e financial report and t%e audit report clearly state!• t%at t%e financial report is a special purpose report9• t%e purpose for w%ic% it %as been prepared9 and• t%e significant accounting policies adopted in t%eir

preparation and presentation(

;oes t%e audit report include an emp%asis of matter asre*uired by A+A @00,1:(

?, .as t%e auditor concluded w%et%er t%e financial report asa w%ole is free from material misstatement(A+A 800,119 A+A @00,11

"s the audit report dated after the date of the audit wor>ingpapers?

?,? 'ere significant matters including fraud7 suspectedfraud7 significant deficiencies in control or non<compliance wit% laws and regulations3 reported tomanagement and/or t%ose c%arged wit% governance(A+A 2?0,1?9 A+A 2? , 9 A+A 2:0,:0 < ,:29 A+A 2 0,1 9 ,22

Were the matters reported in written form?

"f reported orally, was this documented e-g- via meetingminutes!?

Was there evidence of follow up of matters identified inprevious audits?

"f previously reported matters were not corrected, was theirimpact considered in the audit strategy and audit plan?

?,8 .ave any suspected significant3 contraventions of t%eCorporations Act been reported to A+# (s,511 of t%e Corporations Act and A+# ractice ote 5:

<ontraventions include:• attempts by the audit client to manipulate or mislead a

member of the audit team9• attempts by the audit client to interfere with the proper

conduct of the audit9• insolvent trading9• failure to comply with accounting standards9• fraud by officers or employees of the client-




Reviewer4s omments

8, &verall assessment

Hased on your review of t%e audit engagement7 is t%ereany indication t%at!

Answer -no. unless there is evidence that the engagement was unsatisfactory$

8,1 t%e audit was not conducted in accordance wit%Australian Auditing +tandards(

8,2 t%e audit opinion was not based on sufficient appropriateaudit evidence(

Audit Questionnaire June 2013

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Transcript of Audit Questionnaire June 2013