Question

1. List at least two audit procedures which are intentionally delayed until the end of the engagement.

Answer 1

Audit procedure performed at the end of engagement are:

These procedures also called as a review engagement procedure,

Analytical procedures:

Includes evaluation of both financial and nonfinancial data with the financial statements.
These includes using of various ratios like (current ratio, Earnings per share) to check effectiveness of the conclusions drawn during the engagement.
Extent of this procedures depends upon the nature and scope of client’s business.
Includes:

Classification testing: does all the transaction classified according to nature

Completeness testing: does all the transaction posted completely in the financial statements

Cut-off procedures: does transaction recording current year is related to the current period or not

Basically, audit procedure which are performed at the end of the engagement is basically are conclusion n drown by the auditor is according with the financial statements are not.

Other procedure is;

Comparative analysis: it includes using of various finical ratios and financial tool to verify company performance with previous year performance

Comparative analysis also facilitates comparing company with other similar company in the market in terms of market share, profitability, losses etc