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Completing the Audit Chapter 18 Learning Objective 1 Summary of theAudit Process Phase IV –Completing the Audit Contingent Liabilities Likelihood of Occurrence and Financial Statement Treatment Audit Procedures forFinding Contingencies Audit Procedures forFinding Contingencies Learning Objective 2 Inquiry of Client’s Attorneys Inquiry of Client’s Attorneys Learning Objective 3 Period Covered bySubsequent Events Review Types of Subsequent Events Requiring Adjustment Requiring Adjustment Advisability of Disclosure Audit Tests Dual Dating Learning Objective 4 Final Evidence Accumulation Information Accompanying Basic Financial Statements Information Accompanying Basic Financial Statements Learning Objective 5 Evaluate Results Evaluating Results andReaching Conclusions Evaluating Results andReaching Conclusions Issue the Audit Report Learning Objective 6 Communicate with the Audit Committee and Management Learning Objective 7 Period Covered bySubsequent Events Review End of Chapter 18 Identify the auditor’s responsibilities when facts affecting the audit report are discovered after its issuance. 18 - * ?2003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley ?2003 Prentice Hall Business Publishing, Essentials of Auditing 1/e, Arens/Elder/Beasley Conduct a review for contingent liabilities and commitments. Phase I Plan and design an audit approach. Phase II Perform tests of controls and substantive tests of transactions. Phase III Perform analytical procedures and tests of details of balances. Phase IV Complete the audit and issue an audit report. Review for contingent liabilities Review for subsequent events Accumulate final evidence Evaluate results Issue audit report Communicate with audit committee and management A contingent liability is potential future obligation to an outside party for an unknown amount resulting from activities that have already taken place. Likelihood of Financial Statement Occurrence of Event