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4 Cards in this Set
- Front
- Back
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Business review (s417)
Forward-looking (ABI - imp comm tool) (EU Modernisation Directive) |
UPTAKE (nb some points only if quoted)
Uncertainties + principal risks (poss business risks) Performance for the year + financial position at end of yr Trends and factors affecting development (SE, e/e, com) Analysis of devt and perf - a fair review (balanced/comprehensive) KPIs and poss non-financial KPIs Essential business contracts |
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Annual audit cycle
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PARR
Plans in place Assess effectiveness of audit process Review findings and audit rep letters (internal issues highlighted?) Robustness of auditors + good understanding of bus - feedback |
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Auditors - IFAC Code of Ethics - risks to independence
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Reliance - on 1 co for large proportion of income (AA Houston office)
Close personal rel/mutual bus interest Partner holds shares in client co Non-audit services ok but not performing mngt functions |
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Auditors - 5 categories of threat (IFAC)
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Intimidation
Familiarity Advocacy Self-review Self-interest |
