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This guide covers the pre-seen analysis of audit risk, preparation, and presentation of financial statements. It explores key areas like revenue recognition, inventory, retirement benefit obligation, AFS financial assets, trade receivables, deferred tax, operating segments, discontinued operations, and related party balances. Additionally, it highlights the importance of accounting and internal control systems, addressing challenges related to new personnel and old fully depreciated assets.
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Audit Risk Preparation & Presentation of FS • Revenue Recognition- page 437 • Inventory – page 436 • Retirement Benefit Obligation– page 538 • AFS financial Asset– page 483 • Trade Receivables-page 438 • Deferred Tax– page 527
Disclosures • Operating Segments– page 544 • Discontinued Operations–page 548 • Related party Balance– page 497
Accounting & Internal Control System • New Personnel- May have a different focus on or understanding of internal control/ Lack of experience. – page 436 • Preparation of Group FS • Old Assets – fully depreciated