WHOLE FIRM COMPLIANCE REVIEW GENERAL COMPLIANCE REVIEW CHECK LIST

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1 WHOLE FIRM COMPLIANCE REVIEW GENERAL COMPLIANCE REVIEW CHECK LIST

2 This checklist has been designed to make it relevant to most firms. However, you should consider carefully whether the points raised are applicable to your particular circumstances or whether there other matters not mentioned which maybe relevant. Most questions require a yes or No answer. Where a NO answer is given further action is usually required. All action taken should be noted (or cross reference) on the checklist

3 General compliance review Firm Office Compliance principal Reviewer General: Client s money: Audit: Investment business: General: Client s money: Audit: Investment business: Date of review: Date of previous review: GENERAL No Yes/No Ref Comments 1.1 Consider the firm s previous General compliance review: (i) (ii) Note any planned follow up action which has not taken place Ensure this check list is tailored for any additional matters you which to review. 1.2 Have any significant changes occurred in respect of the firm s structure, control, number of offices or composition of its client s portfolio, which should be taken into account?

4 No Yes/No Ref Comments 1.3 Review the correspondence with the Association including the annual report to ensure its accuracy and that all matters have been dealt with on a timely basis. 1.4 If there is more than one office: (i) Are all offices included in the review? (ii) Have the result of the review been notified to the staffs of all offices? 1.5 Have engagement letters been agreed in all cases by client s before services were provided to the client? -if not, give details 1.6 Where the firm replaces another public accountant, does it always communicate with the other accountant and enquire whether there are any circumstances it should take into account, which might influence it decision, whether or not to accept appointment? 2. PROFESSIONAL INDEMNITY INSURANCE No Yes/No Ref Comments 2.1 Confirm that the firm has complied, in full, with the requirement of the professional indemnity insurance regulations. 2.2 Confirm that the firm has reviewed its level of PII cover in light of potential risk arising from all client

5 2.3 Consider any potential or actual claims, which have been made against the firm s PII and their implications. (i) Have the Association and the firm insurer been notified of potential or actual claims? 2.4 Has the firm received no complaints? Have any complaint been appropriately dealt with including reflecting any of the matters arising in future audits? 2.5 Have you enquired whether there are any indications of events / matters which might give rise to claims in future? 2.6 Have the terms and conditions of the professional indemnity policy been considered and complied with? 2.7 Does the policy provide adequate cover for any alternate arrangement in place? 3. INDEPENDENCE AND INTEGRITY No Yes/No Ref Comments 3.1 Confirm that the independence declaration has been signed by the principals/audit staff/ subcontractors/ investment business staff annually. Have any matters disclosed been considered?

6 3.2 Confirm that confidentiality declaration has been signed by all principals / audit staff / sub-contractors / investment business staff on joining the firm. 3.3 Review the firm s procedures for ensuring that the firm s independence is maintained and that the comply with the Audit regulations, investment business regulations and designated professional body handbook(reference should be made to the requirement of the code of ethics and company or other relevant law) 3.4 Are all audit staff/ investment business staff / sub-contractors aware of the firm s current procedure to consider its independence in respect of individual clients? 3.5 Confirm that no one in the firm receives a benefit by way of goods or services or hospitality from client. If they do, give detail of the individual involved and benefit received. 3.6 Where conflicts of interests of different clients have arisen or were seen to arise, were safeguards in place to preserve confidentiality and manage conflict?

7 4. MAINTAINANCE COMPETENCE No Yes/No Ref Comments 4.1 Review the firm procedures in relation to the following matters *staff recruitment *training policy and procedures *staff appraisal / promotion Disciplinary procedures Are the procedures adequate to safeguard the competence and integrity of staff working on audit assignment or giving investment business advice? 4.2 If the firm has engaged new professional since the last review, have the firm recruitment procedures been followed? 4.3 Review the individual training records of all audit and investment business staff and confirm that the following requirements have been achieved : *CPC requirement *additional competence requirement and *the firm s own requirement including training in specialist areas. 4.4 Where performance appraisal have been carried out during the year,note details of appraisal and agreed action on the personnel file Where no appraisal have been carried out, briefly outline how the continuing competence of staff is reviewed.

8 4.5 Confirm that the firm has a good technical library available for all staffs. 4.6 Has the library been updated to include copies of all new and recent legislation, Ethical statements, accounting and auditing standards, investment business requirements, and requirements of particular businesses (e.g. insurance brokers, solicitors etc.) 4.7 Has the firm s audit documentation (e.g. procedures for quality audit or similar) been updated to reflect changes In professional standards and disclosure requirements? 5. COMMISION (General commission code of ethics) No Yes/No Ref Comments 5.1 Has written authority been received from the client for the firm to receive or retain the commission or benefit? 5.2 If no authority was obtained prior to receipt of commission was it banked in a client bank account? 5.3 Have all client been advised, within an appropriate timescale, of the receipt, full extent, nature and terms of commission or benefit?

9 5.4 Has a sample of commission receipt been examine to confirm the operation of above? 5.5 In making any recommendation for the use of the services of a third party did the firm disclose to the client any connection between the firm and that third party 6. OTHER MATTERS (As identified by the reviewer) No. Reference/comment General Compliance Review Client s Money Compliance Review Audit Review Investment Business Review Designated Professional body Review

10 7. CONCLUSION Please document below any matters identified which require rectification to ensure compliance MATTERS IDENTIFIED ACTION TO BE TAKEN General Compliance Review Client s Money Compliance Review Audit Review Investment Business Review Designated Professional Body Review Signed date General Compliance Reviewer Signed date Client s Compliance Reviewer Signed date Audit Compliance Reviewer

11 Signed date Investment Business Compliance Reviewer Signed date Designated Professional Body Compliance Reviewer

12 CLIENTS MONEY COMPLIANCE REVIEW CHECKLIST

13 This checklist has been designed to make it relevant to most firms. However, you should consider carefully whether the points raised are applicable to your particular circumstances or whether there are other matters not mentioned which may be relevant Most question require yes or No answer. Where a No answer is given further action is usually required. All action taken must be noted (or cross referenced) on the checklist. The number in the left column of the client s money compliance review represents the relevant regulation numbers in the rule of professional conduct.

14 No Yes/No Ref Comments 309 CM received by firm paid immediately into client bank account, or paid to client. 312 Designated bank account for client where CM >E10,000 HELD FOR > 30 days 313 A,b & c Interest bearing account opened (unless interest earned not material). Fair rate of interest on the money is earned. All interest earned is paid or credited to the client as client instructed in writing. 315 Different arrangement for payment of interest in writing 316 Firm complies with arrangement in / 319 Withdraws only as permitted or required Withdrawals made only under signature and authority of at least one principal 320 Total balance held in client bank account at equal to the sum of credit balances held for all clients No withdrawals from client bank account for any client> credit balance held for that client 321 Use for settlement of fees only in 30 days elapsed or client agrees amount 323 Adequate accounting record for CM 324 Every five weeks balance for CM bank accounts reconciled with firm s record and differences corrected. 325 Records maintained for 6 years 326a CM return completed

15 326b CM return carried out 327 Independent account s report completed 330 Adequate alternate arrangement (sole practitioner only) SPECIFIC MATTERS Please note any relevant matters specified to the firm in respect of the compliance with the client s money regulation Matters identified as requiring action MATTERS IDENTIFIED ACTION TO BE TAKEN Review performed by: Signed by Date [note: where possible the review should be conducted by a principal who is not involved in the handling of the client s money]

16 CHECKLIST AUDIT COMPLIANCE REVIEW (Currently being updated to incorporate International Standard for Auditing)

17 AUDIT COMPLIANCE REVIEW CHECKLIST

18 QUALITY ASURANCE THE AUDIT REGULATION All firm registered by the institution to conduct audit are required to comply with the audit regulations. These regulations are redrafted in December 1995 and issued to all registered firms. Copies are available from the regulation include a requirement in regulation 3.14that A registered auditor must monitor, at least once in a year, how effectively it is complying with these regulations. this annual review is referred to an audit compliance review(acr). The Audit Compliance Review In many ways audit compliance review is an internal audit of the way the firm conduct its auditing work and assures the management that proper safeguards is are place to lessen the likelihood of sub-standard work being produced. An audit compliance review is structured in two parts, the whole firm review and the whole file reviews How do I conduct an audit compliance review? Details of what is required are contained in regulation 3.4 with additional detail in notes in part 2 of guidance chapter 3(page 80). The regulations include a simple audit compliance review checklist. Attached is a more detailed checklist produced by the institute. The audit compliance review checklist This checklist has been designed to make it relevant to most firms. However, you should consider carefully whether the points raised are applicable to your particular circumstances or whether there are other matters not mentioned which may be relevant. Most question require a yes or no answer is given further action is usually required. All action taken should be noted (or cross reference) on the checklist. Who can carry out the ACR The ACR can be completed by: * The compliance principal or other responsible individual; * A suitable qualified employee; * Another registered auditor; * A training consortium or similar organization;

19 * practice consulting. When should I conduct the ACR The timing is up to the firm; however, many firm find it convenient to complete the whole firm procedure when they are completing their annual return. The cold file review can be conducted at any time during the course of the year. Where can Iobtain advice? If you wish to discuss this or any other area of compliance with audit regulations, please contact CARB on or or alternatively practice consulting on

20 AUDIT COMPLIANCE REVIEW CHECKLIST TABLE OF CONTENT Page No. Declaration 7 Audit Compliance review Whole Firm 8 Cold File Review 16 Action Plan 29 Appendix 1 Specific Audit Areas 30

21 TO BE COMPLETED PRIOR TO STARTING THE FILE REVIEW (The following declaration and acknowledgment are giving for illustrative purpose only. All matters to be considered may not be covered here. Legal advice should be obtained if the review is carried out by someone who is not a partner or employee of the practice). FILE TO BE REVIEWED Client name: Year End to be reviewed Responsible partner/ principal... DECLARATION OF HE REVIEWER (if not a partner or employee of this employee). I hereby confirm that to the best of my knowledge and belief I am independent of the above named client within the meaning of the code of ethics for members and APB ethical standards for auditors. I confirm that I am not aware of any matters in respect to this client, which might give rise to any conflict of interest as a consequence of the review. I agree to maintain strict confidentiality over any information gained during the conduct of the review and will not divulge such information to any person. I also agree that neither I, nor any firm in which I am or may become a principal, will accept appointment for any professional work on behalf of this client within three years of the year of this declaration without the written consent of the responsible individuals. Signed.. Reviewer Date ACKNOLEDGEMENT BY ENGAGEMENT PRINCIPAL I acknowledge that this review is intended to be educational in purpose. I agree that I will not seek to attach any liability to the reviewer as a consequence of any matters identified or which might have been identified during the course of the review. I also acknowledge that I am personally responsible for taking, or refraining from taking action in respect of any matters raised as part of this review Signed.. Responsible partner

22 Date. AUDIT COMPLIANCE REVIEW Firm Office Compliance principal Reviewer Date of review Date of previous review 1. PLANNING No Yes/No Ref Comments 1.1 Consider the firm s previous audit compliance review: (i) Note any planned follow up action, which has not taken place Ensure this checklist is tailored (ii) for any additional matters you wish to review. 1.2 If there is more than one office: Are all offices included in the review? Have the results of the review been notified to the staff of all offices? 2. ELIGIBILITY No Yes/No Ref Comments 2.1 Confirm that 51% of voting right in partnership or corporate practices are held by qualified individuals

23 2.2 Confirm all responsible individuals are qualified individuals 2.3 Communication with the Association Have there been any changes which affects the firm s audit registration: *name and address of firm; *names of responsible individuals ; and *names and offices of partners including salaried partners and where applicable directors. If YES, have these been communicated on a timely basis 2.4 Confirm that a Fit & proper declaration have been completed annually by all principal/ directors/ audit/ staff/ sub-contractors. 3. WRTTEN PROCEDURES No Yes/No Ref Comments 3.1 confirm that the firm has written procedures to ensure compliance with audit regulation and international standards and auditing including ethical standards and ISQCI 3.2 Has all staff been made aware of the contents and implication of these procedures? 3.3 Has the firm s documentation been reviewed to take account of matters arising from previous compliance reviews? Ensure there is evidence for this review

24 3.4 If the firm has no written procedures, outline briefly how the firm has complied with audit regulations 4. INDEPENDENCE AND INTEGRITY No Yes/No Ref Comments 4.1 review the procedures adopted by the firm in relation to each audit assignment to ensure that consideration is given to its independence, availability of resources and its ability to properly perform the audit, prior to accepting appointment/ reappointment Confirm that as part of the 4.2 firm s audit procedures the decision to accept reappointment is considered at the planning and completion stages of the audit Ensure that these procedures have been followed when carrying out the cold file reviews Confirm that the requiring fees from a client, company or group of companies do not constitute a substantial proportion of the fee income from an audit firm? (I.e. Greater than 10% gross earned income). Confirm that there are no significant over -due fee from a client or group of connected clients After due enquiry do any of the following situations exist in relation to audit clients Are total fee from a client or connected group of clients >10% (5% for public interest client).

25 Are there any loans or guarantees to or from clients? Any there over -due fee from a client Any hospitality or other benefits received client? Is there any litigation (or threat thereof) with client? Also consider professional and legal responsibility and possibility of withdrawing from an engagement Is any principal or employee (or partner thereof) an officer or employee of audit client? Is any principal closely related to an officer or senior employee of an audit client including: Children or spouses; Brothers or sisters and their spouses; Companies where a 20%shareholding; Employees? Any mutual business interest/ investment with clients Are there any beneficial interests in audit clients held by principals or anyone closely connected? Any beneficial interest in trust? Any trusteeship? Any nominee shareholdings? 4.5 cont. Any provision of other services where management involvement or self-review threat Any involvement in the preparation of accounts for listed or public interest client Any expert services (definition Para 7.10) provided to audit client?

26 Any advocacy for audit clients? Any involvement in management decision? Have any RIs been acting for a prolonged period of time? In the case of public companies 7 years is the maximum Is there the requirement for safeguard to reduce familiarities threat to an acceptable level when using the same senior personnel on an engagement over a long period? Has the firm been involved in promotion of any share issues for existing or potential audit clients? Has the firm resigned from or ceased to act for any audit client? If so has a letter of resignation been filed with CRO or has client confirmed in writing the firm s removal as auditor? If YES to any of the above question has the firm resigned or taken appropriate step to comply with Ethical Guide/statutory requirement Depending on the circumstance it may be possible to implement safeguard, which can protect against actual or perceived threats to independence Where such safeguards are implemented they should always be subject to 2 nd partner review Safeguards can be -Rotation of engagement partners and staff; -2 nd Partner review In the case of sole practitioners 2 nd partner review will be replaced by external consultation(see ISA

27 220) 4.6 (i) (ii) (iii) (iv) 4.7 Consider the firms policies and procedures for identifying and addressing independence issues, including Information provided by engagement partners; Timely notification from personnel of partners; Engagement partners are notified in a timely matter of breaches of policies and procedure on independence ; and Actions taken to resolve are communicated. Confirm that the firm has, at least annually, obtained written confirmation of compliance with its policies and procedures on independence from all personnel and those involve in audit. 5. CONSULTATION No Yes/No Ref Comments 5.1 Consider if the firm has established consultation arrangement in respect of technical, ethical, practical and other significant matters and confirm whether they are appropriate. 5.2 Confirm that this arrangement are with a suitable qualified third party (e.g. another registered auditor)

28 5.3 Confirm that the third party has agreed in writing to declare possible conflicts of interest, preserve confidentiality, and notify circumstances where independence may be jeopardized. 5.4 Confirm that where a consultation has taken place this has been documented on file and conclusion resulting from consultation and documented and implemented 5.5 Confirm the firm has documented policies and procedures for dealing with and resolving differences of opinion between those involve in audit and that all reports following such incidence are not issued until the matter is resolved. 6. QUALITY ASSURANCE No Yes/No Ref Comments 6.1 Consider the firm s system carrying out whole firm and cold file reviews to ensure this is appropriate providing reasonable assurance that the procedures in place are relevant, adequate, and operational and put into practice. 6.2 Assure that the agreed number of cold file reviews has been carried out. Audit Regulation 3.14 provides guidance on how many and which audit client should be cold file reviewed. ISQCI (Para 78) Provides further guidance on selection cold file reviews and suggests

29 at least one engagement per RI partner over a 3 year cycle. Factors that should be considered including high risk and regulated/specialized clients. Confirm the firm has: (i) (ii) (iii) Documented cold file review findings and results; Retained copies of cold file reviews ; and Communicated results to all personnel 6.3 Confirm that when matters have been identified as requiring action that this has been followed- up and appropriate action taken. 6.4 Consider the firms procedures for hot reviews and confirm that this are appropriate, consistently applied and records retained. (A hot file review is a review conducted after the financial statements are finalized and before the audit report is signed to check that the audit work is in accordance with auditing standards and the firm s procedures. It should be conducted by an unconnected registered Auditor or an approved training organization.) 6.5 Confirm the firm has documented policies and procedures for appropriate engagement to have an Engagement Quality Control Review (EQCR). An EQCR is a process designed to provide an objective evaluation, before the report is issued, of the significant judgment the engagement team made and

30 the conclusion they reached in formulating the report. Confirm policies and procedures include (i) (ii) Criteria for an EQCR (ISQC1 Para 62) EQCR for all listed entities. (iii) (iv) Nature, timing and extent of EQCR (ISQC1 Para 64-67) Criteria for the eligibility of the EQCR reviewers (ISQC1 Para 68-72) 6.6 Confirm that the firm house policies and procedures that deal with complaints and allegation of work performed (ISQC1 Para 89-93) Complaints and allegation may originate from within or outside the firm and may be made by the firm personnel and other third parties. 7. OTHER MATTERS (as identified by the reviewer)

31 8. CONCLUSIONS Please document below any matters identified which require rectification to ensure compliance with the Audit Regulations. MATTERS IDENTIFIED ACTION TO BE TAKEN Whilst this review has been carried out with all due diligence in cannot be relied upon to be exhaustive and to have identified all areas where error may have been made or where improvement may be required: Signed Date Reviewer

32 Signed Date Reviewer Applicable if the reviewer is not a partner or employee of the practice.

33 COLD FILE REVIEW

34 COLD FILE REVIEW CHECKLIST Client Name Period End Responsibility Individual Office CLIENT DETAILS Nature of Business Group Involvement Specific Audit Requirement Turnover Profit/(Loss) before tax Net asset/(liabilities) Audit fee Date of directors approval of accounts Date of audit report Audit report Unqualified / qualified in respect of : Cold reviewer Date of review

35 1. ENGAGEMENT No Yes/No Ref Comments 1.1 Has the firm s independence, resources and ability to perform the audit been considered and documented, prior to accepting appointment/reappointment? 1.2 Is there a signed and current letter of engagement on file, detailing the scope of the assignment (ISA 210 Para 10)? 1.3 Have all fees been received or are outstanding under normal credit terms? If No: 1.4 (i) (ii) Are the outstanding fees of such significance as to be in the nature of a loan to the client? Is this is a new engagement: Has a letter been obtained from the previous auditor professional reasons why the appointment should not be accepted? Has the previous auditor s resignation been notified to the Registrar of Companies? (iii) Has the appointment of the firm as auditor been properly approved? 1.5 Has an up-to-date record and assessment of the clients accounting internal control system been made? 1.6 Has information of continuing relevance (e.g. permanent file information) been updated to take account of any changes since last year? 1.7 Is the firm satisfied that there is no litigation pending (actual or potential) against the client?

36 2. AUDIT PLANNING No Yes/No Ref Comments 2.1 Was the audit plan specific to the client and adequately documented (ISA 300)? 2.2 Has the audit plan been approved, prior to the assignment commencing, by the Responsible Individual (R.I)? 2.3 Is there evidence to indicate that the audit assignment team has been fully briefed, prior to commencing the assignment? 2.4 Has the audit assignment team been chosen with reference to competence, experience and training (Reg 3.11)? 2.5 Have the terms of engagement been considered during the planning process to ensure that the scope of the audit is adequate? 2.6 Is there any evidence to suggest that details concerning meetings, telephone calls etc. with the client prior to the beginning of the assignment have been documented? 2.7 Have relevant laws regulations and other particular or special circumstances affecting the client or the audit been taken into the account in planning the assignment (ISA 250 Para 2)? 2.8 Have analytical review procedures been adopted at the planning stage (ISA 520 Para 2)? 2.9 Has an audit risk assessment been carried out (ISA 315 Para 2; ISA 315 Para 90 & ISA Para 3)? 2.10 Has a separate audit programme been included to cover the work required for any specific report to a third

37 party? 2.11 Has the business, its history, the source of accounting entries and the internal control adopted been recorded? 2.12 Has the accounting system been documented and assessed as a basis for the producing the financial statements (ISA 315 Para 81)? 2.13 Have materiality and, if appropriate, sample sizes been calculated (ISA 320 & ISA 530)? 2.14 Have sample sized been calculated in accordance with ISA 530? In particular: Have sample sizes been based on assessment of audit risk, materiality and population (ISA 530 Para 31 & Para 40)? Has sufficient explanation of sample size and selection been recorded? Have the result of the test been summarized and where errors are found have their effect on the population been assessed (ISA 530 Para 54) 2.15 Has the audit approach methodology and procedures to be adopted been clearly defined (ISA 315 & ISA 240)? 3. AUDIT EVIDENCE No Yes/No Ref Comments 3.1 Has consideration been given to agreeing opening balances (ISA 510)? In the case of a new appointment as steps been taken to confirm the reliability

38 of the opening balances? 3.2 Have accounting policies been consistently applied, and disclosed? 3.3 (i) For all sections of the audit: As a standard audit programme been used? If Yes: Has it been tailored to suit the client circumstances? Have the matters and risk identified during planning been addressed? If No: Were the specific details of the work to be done included within the planning documentation? (ii) (iii) (iv) Does the audit programme reflect recent audit and accounting standards and guidance and changes to company law? Do the working papers adequately record the nature and extent of the audit work, matters arising, action taken and conclusion reached (ISA 230)? Do the lead schedules agree within the financial statement (ISA 230)? Do they show comparative figures? Are they supported by further analysis?

39 Are they evidence as reviewed by the responsible individual (ISA 220)? Are all disclosures within the financial statement supported by working papers? E.g. * Number of Employees * Pension disclosure etc. (v) (vi) Where reliance has been placed on controls has adequate evidence been obtained to support the initial control risk assessment? Have conclusion been recorded on each section of the audit? (vii) Have all materials balances and transaction been subject to adequate audit work? 3.4 Where reliance has been placed on the work of an expert, has the evidence been assessed as to its adequacy and the conclusion reached documented (ISA 620)? 3.5 Has the appropriateness of the going concern basis been considered and documented with written representations being obtained if necessary (ISA 570)? 3.6 Where appropriate, did consultation take place and if so was it adequately recorded? 3.7 has a subsequent events review been carried out up to the date of the audit opinion(isa 560)

40 4. AUDIT COMPLETION No Yes/No Ref Comments 4.1 Is there evidence of review and supervision of the work by the responsible individual (and, if applicable, manager) (ISA 220 Para 21)? 4.2 Have all outstanding points and review point been satisfactorily cleared and documented? Is there a summary of significant matters which has affected the conduct of the audit and / or the audit opinion (ISA 230 Para 14-19)? Is there documentary evidence that these matters have been considered by the responsible individuals? Has all consultation (both internal and external) been fully recorded? Has a hot file review been carried out where required by the firm s own procedures? If YES : Have the result of such review been recorded on file? 4.7 Has the analytical review of the financial statement been fully recorded and explained (ISA 520 Para 13 & ISA 520 Para 17)? 4.8 Is there a final conclusion by the responsible individual that the audit opinion is appropriate and supported by working papers on the file (ISA 230 Para 17)?

41 Is there evidence that the financial statement has been subjected to a final overall review (ISA 520)? Have the financial statement s been reviewed to ensure that they have been prepared in accordance with accounting standards, legislation and any other applicable regulations? Was a disclosure checklist used? If NO: How does the firm ensure that financial statements are up to date? 4.11 Where any weakness has been identified in the client s accounting or internal management systems, has an appropriate management letter been issued? 4.12 Was a representation letter tailored to the client s circumstances received from the client? Does it date coincide with the date of the audit report? 4.13 Has consideration been evidenced of the period between the completion of the audit work and the audit report for events affecting its opinion (ISA 560 Para 4)? 4.14 Is there a record of a meeting with the client to discuss the financial statements with detail of the matters discussed (ISA 570, 560 & 580)?

42 4.15 Is there evidence that reappointment as auditor for the following year has been considered? 4. FINANCIAL STATEMENTS No Yes/No Ref Comments 5.1 Does the file contain a copy of the full financial statement signed by all relevant parties (directors, auditors etc.)? 5.2 Is the date of approval of the financial statements by the Director noted? 5.3 Have both the director report and auditors report been appropriately dated? 5.4 With regards to audit report: (1) (ii) 5.5 (i) (ii) (iii) Are the reasons supporting audit opinion adequately documented on the working papers? Does the audit report fully comply with the requirements of ISA 700, and with statutory requirements? With regards to abridge accounts/ abbreviated accounts: Have abridged account been prepared for filing purposes? Are the abridged accounts consistent with the FULL financial statements? Does the audit report fully comply with the requirements of ISA 700 including dose relating to its date? 5.6 Have the requirements in respect of any additional report to a third party been complied

43 with? 5.7 Has a copy of such report been retained on file and is it consistent with the audited financial statements? 5.8 Has the audit been carried out in accordance with auditing standard and guidance, statutory requirements and the firm s procedures?

44 CONCLUSIONS N.B Additional sheet maybe required where there is insufficient space below: 6.1 The following / No* matters have been identified where compliance with auditing standards could be improved. STANDARDS MATTERS IDENTIFIED 6.2 The following No* errors, omissions or inadequate detail in the financial statement in respect of statutory requirement, accounting standards and other applicable regulation have been identified. REF: DETAILS

45 CONCLUSIONS CONT D 6.3 The audit report did/did not* comply with ISA 700 was/was not* signed as registered auditor. 6.4 The following /No* matters were identified which indicate doubt as to the appropriateness of the audit report Whilst this review has been carried out with due diligence, it cannot be relied upon to be exhaustive and to have identified all areas where errors may have been made or where improvements may be required: Signed date: Reviewer Signed date: Reviewer *please delete as appropriate *applicable if reviewer is not a partner or employee of the practice

46 ACTION PLAN

47 ACTION PLAN WEAKNESS IDENTIFIED/ACTION TO BE TAKEN ACTION REQUIRED BY ACTION TAKEN BY INDIVIDUAL DATE INDIVIDUAL DATE AUDIT COMPLIANCE PRINCIPAL DATE

48 SPECIFIC AUDIT AREAS This appendix is for guidance only. It may not cover all areas requiring review. It is important to tailor the checklist, as appropriate, for each client file. No Yes/No Ref Comments 1 Fixed assets Is there evidence to support fixed assets? In particular is there evidence to support: The continued existence of fixed assets? 2 (i) Verification of title on significant assets? Stock Has stock taking been attended? If so, has it been properly followed up? If not, were procedures carried out to establish the existence of stock? (ii) Has appropriate testing been performed on stock valuation, (a) Cost? (b) Net realized value? (c) Adjustment of cost? 3 Debtors Is there evidence to support the collectability of debtors? Is there evidence to confirm that a debtor circularization has been carried out? If so, has it been properly followed up? If not, should a circularization have been carried out?

49 4 Bank and cash Is there evidence that bank and cash balances have not been outstated? Has a bank letter been received? If so has all accounts and balances been reviewed? 5 Creditors Is there evidence to support the completeness and accuracy or creditors? 6. Share Capital and Reserves Is there evidence to support the balances and movements on capital and reserves 7. Trading profit and loss account Is there adequate evidence of testing in relation to the following? (a)completeness of income? (b) Cost of sales? (c) Wages and salaries? (d) Other expenses? 8 Other specific balance sheet items (e.g. investment and intangibles) Is there evidence to support the balances and movements on all other balance sheet items detailed below?

Client: Year end: File no: Ref: A AUDIT FILE INDEX. 1 Final accounts. 2 Tax computations. 3 Final journals. 4 Draft accounts, typing instructions

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