Completing the Audit Assignment Example | Topics and Well Written Essays - 250 words - 1

Completing the Audit - Assignment Example The auditor may qualify audit opinion, if the effect of management’s refusal to provide written representation is material but not pervasive. However, if the effect of such refusal is pervasive, the auditor may disclaim his/her opinion. The auditor may also withdraw from engagement if he thinks it appropriate and the legislative authority permits him to do so. All events occurring after the date of Financial Statements are referred to as subsequent events. Subsequent events that occur after Financial Statements date but the condition existed at the Financial Statements date are called adjusting events. Those events require adjustment in the Financial Statements. Subsequent events that occur after the date of Financial Statements but the condition did not existed at the date of the Financial Statements are called non-adjusting events. Auditor is required to perform cut-off procedures to evaluate subsequent events effects. He may also obtain management’s representation regarding subsequent events. The auditor may also perform other audit procedures such as inquiring entity’s personnel, reading latest available interim Financial Statements and reading minutes of meeting of Board of Directors. 1. Interim Standards Copyright. Auditing. Public Company Accounting Oversight Board. American Institute of Certified Public Accountants, Inc, 2003-2013. Web. 15 April. 2013.