Immersing in audit

  Forming a conclusion on a review of the financial statements In forming the conclusion on the financial statements, the practitioner shall: (a)     Evaluate whether the financial statements adequately refer to the applicable financial reporting framework. (b)    Consider whether : ·     The terminology used in the financial statements is appropriate. ·     The financial statements adequately disclose the significant accounting policies selected and applied. ·    The accounting policies selected and applied are consistent with the applicable financial reporting framework and are appropriate. ·     Accounting estimates made by management appear reasonable. ·   The information presented in the financial statements appears relevant, reliable, comparable, and understandable; and ·    The financial statements provide adequate disclosures to enable the intended users to understand the effects of material transactions and events. (c)     Consider the impact of uncorrected misstatements ide

  Historical financial information is information expressed in financial terms in relation to a particular entity, derived primarily from that entity’s accounting system, about economic events occurring in past time periods or about economic conditions or circumstances at points in time in the past. Reviews may be performed in a variety of circumstances. For example, they may be required for entities that are exempt from requirements specified in law or regulation for mandatory audit. Reviews may also be requested on a voluntary basis, such as in connection with financial reporting undertaken for arrangements under the terms of a private contract, or to support funding arrangements.