14.9 Overall audit review and finalisation

Overall audit review and finalization is the last phase of the audit process, where the auditor performs a comprehensive review of the audit work performed and ensures that all necessary procedures have been completed. This phase involves the following steps:

1. Review of Audit Documentation: The auditor reviews the audit documentation to ensure that it is complete, accurate, and supports the conclusions reached during the audit. This includes reviewing the working papers, analytical procedures, testing results, and any significant audit findings.
2. Evaluation of Audit Evidence: The auditor evaluates the sufficiency and appropriateness of the audit evidence obtained during the audit. This involves assessing the relevance and reliability of the evidence to support the financial statement assertions and forming an opinion on the financial statements.
3. Assessment of Significant Findings: The auditor assesses any significant findings or issues identified during the audit. This includes evaluating the impact of these findings on the financial statements, considering the potential risks and materiality, and determining the appropriate response in the audit report.
4. Resolution of Outstanding Matters: The auditor addresses any outstanding matters or unresolved issues identified during the audit. This may involve performing additional procedures, obtaining additional information or explanations from management, or seeking external expert opinions if necessary.
5. Finalization of Audit Report: Based on the overall review and evaluation, the auditor prepares the final audit report. The report includes the auditor’s opinion on the fair presentation of the financial statements and any necessary qualifications, explanations, or emphasis of matter paragraphs.
6. Communication with Management and those Charged with Governance: The auditor discusses the audit findings, including any significant issues or recommendations, with management and those charged with governance. This communication ensures that any concerns or areas for improvement are understood and addressed by the appropriate parties.
7. Conclusion and Sign-off: The audit engagement is concluded, and the audit report is signed and dated by the auditor. This signifies the completion of the audit process and the finalization of the audit report.