There are significant implications for the auditors of the entities following the implementation of FRS 102. As well as the risks which arise on transition and on an on-going basis, auditors need to assess at an early stage what they expect the entities they are auditing to be doing and what they should be doing themselves.
Areas are likely to include:
- Ethical issues and terms of agreement
- Considerations for management on transition
- Risk assessment – material misstatement
- Determining fair values and assessing related parties
- Documentation, written representations and communication with those charged with governance
- Transitional adjustment journals and reconciliations
- Implications for group audits
- Overview of the impact on assurance procedures
CPD HOURS: 3 (Audit Related: 3)
The content of the course may vary dependant on the speaker and course location.