Udvidet gennemgang

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Udvidet gennemgang

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Title: Udvidet gennemgang
Arten og omfanget af arbejdshandlinger ved udvidet gennemgang, herunder revisors reaktion ved formodning om væsentlig fejlinformation i årsregnskabet
Author: Jakobsen, Daniel C.; Petersen, Mathias
Abstract: Executive summary: Extended review was introduced in Denmark, effective for the Financial Year 2013, with the purpose of lowering the administrative burdens for small and medium size enterprises. This thesis examines the practical issues related to conducting an extended review, focusing especially on auditor’s reactions, if auditor becomes aware of matters that cause auditor to believe the financial statement may be materially misstated. Extended review is based on a review, conducted in accordance with ISRE 2400 (Revised), with addition of four supplementary and mandatory procedures. Auditor obtains evidence that is sufficient and appropriate, by performing inquiry and analytical procedures. If auditor cannot obtain evidence that is sufficient and appropriate from performing these procedures, auditor shall design and perform additional procedures. This thesis examines which additional procedures auditor can and shall perform to obtain sufficient and appropriate evidence to express an opinion. The examination focuses on trade receivables, revenue and inventories. The study is based on a number of practical scenarios from a case. We have interviewed four State Authorized Public Accountants, with primary focus on auditors additional procedures related to trade receivables, revenue and inventories. The results of the examinations shows that auditor often will have to perform procedures, similar to the procedures performed when conducting an audit. The examination also shows that in some cases the procedures performed in extended review, will be identical to the procedures performed in an audit situation. Regarding trade receivables and revenue, the study concludes that it is much easier to obtain sufficient and appropriate evidence subsequently, because it is possible to perform most of the procedures retroactively. On the contrary, it is more difficult to obtain sufficient and appropriate evidence of physical inventories subsequently. The physical existence of inventories can be difficult to document retroactively, when no count of physical inventory on hand is conducted at the end of the year. It can therefore be significant for auditor’s opinion, whether the company has an integrated inventory system or not.
URI: http://hdl.handle.net/10417/5359
Date: 2015-07-28
Pages: 126 s.
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