archive-com.com » COM » B » BCAUDITOR.COM

Total: 612

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Audit Opinions | Auditor General of British Columbia
    by an independent auditor Auditors have a professional responsibility to remain independent and to describe any circumstances where the financial statements contain significant errors or omissions The audit opinion generally includes an introductory paragraph that identifies the financial statements audited a description of the responsibility of management for the proper preparation of the financial statements a description of the auditor s responsibility to express an opinion on the financial statements and the scope of the audit an opinion paragraph containing an expression of opinion on the financial statements and a reference to the applicable financial reporting framework used to prepare the financial statements There are three types of audit opinions Unqualified opinion or clean opinion financial statements present fairly in all material respects the financial position and results of the entity Qualified opinion the financial statements contain material misstatements or omissions Readers should regard the statements with caution The reason for the qualified opinion is provided Adverse opinion the financial statements do not fairly present the financial position results of operations and changes in financial position as per generally accepted accounting principles The reason for the adverse opinion is provided Auditors may include an emphasis of matter paragraph to draw attention to something so the reader can better understand the financial statements Examples of when an emphasis of matter may be included is when there is uncertainty of the future outcome of exceptional litigation or regulatory action early application of a new accounting standard that has an effect on the financial statements in advance of its effective date or a major catastrophe that has a significant effect on the entity s financial position About Us Who We Are What We Do Financial Audits Audit Coverage Plan Auditing Government s Finances Financial Statements Audit Opinions Preparing for an Audit What You

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/audit-opinions (2016-02-12)
    Open archived version from archive


  • Preparing for an Audit | Auditor General of British Columbia
    Information about all related parties and related party transactions II Awareness of Fraud and Error Designing and implementing internal controls to prevent and detect fraud and error Assessing the risk that the financial statements may be materially misstated as a result of fraud Providing us with information about any fraud or suspected fraud that could significantly affect the financial statements Providing us with information about any reported allegations of fraud or suspected fraud that could affect the financial statements Communicating whether the effects of any uncorrected financial statement misstatements collected during the audit are immaterial both individually and in total to the financial statements as a whole III Recognition measurement and disclosure of all information concerning financial statements An assessment of the reasonableness of significant assumptions underlying fair value measurements and disclosures in the financial statements Any plans or intentions that may affect the carrying value or classification of assets or liabilities Information concerning the measurement and disclosure of transactions with related parties An assessment of any known areas of measurement uncertainty that require financial statement disclosure Information concerning claims and possible claims whether or not they have been discussed with the organization s legal counsel Information concerning other liabilities and contingent gains or losses including those associated with guarantees whether written or oral under which the organization is contingently liable Information on whether the organization has satisfactory title to assets liens or encumbrances on assets or whether assets are pledged as collateral Information concerning compliance with aspects of contractual agreements that may affect the financial statements Information concerning significant events that took place after the financial statements were signed that may have an impact on the organization IV Confirming Significant Representations Written confirmation of significant representation must be provided in matters that are directly related to items that are

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/what-you-can-expect-us/preparing-audit (2016-02-12)
    Open archived version from archive

  • What You Can Expect From Us | Auditor General of British Columbia
    combined experience in public sector accounting and auditing We keep up to date and train our staff on the latest developments in the standards we use Independence We take our independence very seriously We are required to maintain our independence in accourdance with office standards and professional standards such as those of the Chartered Professional Accountants of Canada and British Columbia We will confirm this in writing to you during the course of the audit Confidentiality As per the Auditor General Act all of the records generated during the course of our work are permanently exempt from disclosure under the terms of the Freedom of Information and Protection of Privacy Act No Surprises We will keep you informed every step of the way including offering clear and timely communiation about significant accounting and auditiing issues Valuable Feedback Audits are an opportunity to gain insight into your organization and aid in continuous improvement About Us Who We Are What We Do Financial Audits Audit Coverage Plan Auditing Government s Finances Financial Statements Audit Opinions Preparing for an Audit What You Can Expect From Us The Audit Process Performance Audits Who audits the auditor FAQs Quick Links Contact Us Senior Staff Directory

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/what-you-can-expect-us (2016-02-12)
    Open archived version from archive

  • The Audit Process | Auditor General of British Columbia
    Response Reporting Follow Up About Us Who We Are What We Do Financial Audits Audit Coverage Plan Auditing Government s Finances Financial Statements Audit Opinions Preparing for an Audit What You Can Expect From Us The Audit Process 1 Pre Engagement Procedures 2 Risk Assessment 3 Risk Response 4 Reporting 5 Follow up Performance Audits Who audits the auditor FAQs Quick Links Contact Us Senior Staff Directory Employee Directory Subscribe

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/audit-process (2016-02-12)
    Open archived version from archive

  • 1. Pre-Engagement Procedures | Auditor General of British Columbia
    Procedures Before the audit begins the auditor performs pre engagement acceptance or continuance procedures This includes an independence assessment a pre engagement assessment and communications with the previous auditor if applicable Throughout this process you can expect a letter that communicates the auditor s independence and compliance with relevant professional standards and disclosure of all relationships between the auditor and the entity and its related entities that may affect the auditor s independence Once the pre engagement assessment is complete the auditor issues an Engagement Letter with engagement objectives scope and limitations management s responsibilities responsibility for adjustments the auditor s responsibilities and other matters such as fees About Us Who We Are What We Do Financial Audits Audit Coverage Plan Auditing Government s Finances Financial Statements Audit Opinions Preparing for an Audit What You Can Expect From Us The Audit Process 1 Pre Engagement Procedures 2 Risk Assessment 3 Risk Response 4 Reporting 5 Follow up Performance Audits Who audits the auditor FAQs Quick Links Contact Us Senior Staff Directory Employee Directory Subscribe to Alerts Recent Reports Annual Reports Expense Reports Financial Statement Audit Coverage Plans Subscribe to alerts Notify me of new reports Notify me of new job

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/audit-process/i-pre-engagement-procedures (2016-02-12)
    Open archived version from archive

  • 2. Risk Assessment | Auditor General of British Columbia
    manuals vision mission values objectives strategies organizational structure board of directors meeting minutes job descriptions operating performance non financial performance measures creditors media analyst reports government agency reports Internet reports Staff Involvement Auditors must obtain a reasonable understanding of internal controls to plan the audit Having staff available to assist the auditor makes the process of writing down systems and updating documentation more efficient Inform the auditor of significant changes in your business processes so the potential impact can be assessed in advance of the audit completion target and so audit plans can be adjusted Walkthroughs For each significant business process identified the auditor performs a walkthrough to ensure the entity is operating as documented A walkthrough includes questionning personnel observing specific controls and inspecting documents The walkthrough addresses control implementation at a point in time After the walkthroughs are completed the design and implementation of internal control are evaluated The risk of material misstatement is evaluated and segments that require special consideration are identified Audit procedures are then designed by our staff About Us Who We Are What We Do Financial Audits Audit Coverage Plan Auditing Government s Finances Financial Statements Audit Opinions Preparing for an Audit What You

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/audit-process/ii-risk-assessment (2016-02-12)
    Open archived version from archive

  • 3. Risk Response | Auditor General of British Columbia
    end visit This list itemizes schedules and working papers required by the auditor for each financial statement component and the scheduled completion date In addition we suggest that Each schedule be assigned to specific employees to make the process easier to manage Schedule and working paper formats be determined and agreed upon by yourself and the auditor to minimize staff time spent assembling information and revising material The schedules and documentation identified in the information needs list are assembled in a well structured financial statement file Well Structured Financial Statement Files An effective file supports the preparation of financial statements and decreases questions and information requests by the auditor A good file Supports numbers in the financial statements and notes Includes schedules and reports used to compile the financial statement numbers Contains schedules and reports that tie directly to the accounting records and that illustrate accounts in the trial balance have been completely included in the financial statements The organization of the file is driven by the financial statement components e g file could be organized in order of assets liabilities revenues and expenses An analysis of significant variances from year to year Analytical Review Analytical review is a valuable tool for understanding the nature of changes in the balances and transactions of an organization and in evaluating the reasonableness of the numbers A good analytical review incorporates a description of the nature of the component i e what is it comprised of and what occurred during the year and whether that is reasonable About Us Who We Are What We Do Financial Audits Audit Coverage Plan Auditing Government s Finances Financial Statements Audit Opinions Preparing for an Audit What You Can Expect From Us The Audit Process 1 Pre Engagement Procedures 2 Risk Assessment 3 Risk Response 4 Reporting

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/audit-process/iii-risk-response (2016-02-12)
    Open archived version from archive

  • 4. Reporting | Auditor General of British Columbia
    of the report is approved by the Auditor General and presented to the audit committee About Us Who We Are What We Do Financial Audits Audit Coverage Plan Auditing Government s Finances Financial Statements Audit Opinions Preparing for an Audit What You Can Expect From Us The Audit Process 1 Pre Engagement Procedures 2 Risk Assessment 3 Risk Response 4 Reporting 5 Follow up Performance Audits Who audits the auditor

    Original URL path: http://www.bcauditor.com/about-us/what-we-do/financial-audits/audit-process/iv-reporting (2016-02-12)
    Open archived version from archive



  •